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Share Name | Share Symbol | Market | Type |
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Iron Mountain Inc REIT | NYSE:IRM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-1.00 | -1.28% | 77.10 | 79.03 | 75.87 | 79.03 | 2,872,300 | 01:00:00 |
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(Mark One) | |||||
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the Fiscal Year Ended December 31, 2020
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or | |||||
☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to |
Title of Each Class | Trading Symbols(s) | Name of Exchange on Which Registered | ||||||||||||
Common Stock, $.01 par value per share | IRM | New York Stock Exchange |
Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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PART I |
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ITEM 1. | |||||||||
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ITEM 1A. | ||||||||||
ITEM 1B. | |||||||||||
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PART II | ITEM 5. | ||||||||||
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PART III | ITEM 10. | ||||||||||
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PART IV | ITEM 15. | ||||||||||
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IRON MOUNTAIN 2020 FORM 10-K |
1
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Simplifying Global Structure
•Combining Records and Information ("RIM") operations under one global leader
•Rebalancing resources to sharpen focus on higher growth areas
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Compelling Adjusted EBITDA Benefits | |||||||
~$375M
Expected annual run-rate benefits realized exiting 2021
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$165M
Benefits delivered
in 2020
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Streamlining Management Structure for the Future
•Condensing number of layers and reporting levels
•Reducing number of positions at Vice President level and above by ~45%
•Reducing total managerial and administrative workforce by 700 positions
•Realignment to create a more dynamic, agile organization better positioned to make faster decisions and execute strategy in key growth areas
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Enhancing Customer Experience
•Aligning global and regional customer-facing resources across RIM product lines to provide customers with a more integrated experience
•Leveraging technology to modernize processes for better alignment between new digital solutions and our core business
•Providing customers with a consistent experience across global footprint and introducing new ways of engaging with customers
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IRON MOUNTAIN 2020 FORM 10-K |
GLOBAL RIM BUSINESS | ||
GLOBAL DATA CENTER BUSINESS | ||
CORPORATE AND OTHER BUSINESS | ||
IRON MOUNTAIN 2020 FORM 10-K |
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Large, Diversified,
Global Business
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The world’s most heavily regulated organizations trust us with the storage of their records. Our mission-critical storage offerings and related services generated approximately $4.1 billion in annual revenue in 2020. Our business has a highly diverse customer base of approximately 225,000 customers - with no single customer accounting for more than 1% of revenue during the year ended December 31, 2020 - and operates in 56 countries globally. This presents a significant cross-sell opportunity for our Global Data Center and Global Digital Solutions businesses.
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Recurring, Durable
Revenue Stream
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We generate a majority of our revenues from contracted storage rental fees, via agreements that generally range from one to five years in length. Historically, in our Records Management business, we have seen strong customer retention (of approximately 98%) and solid physical records retention; more than 50% of physical records that entered our facilities 15 years ago are still with us today. We have also seen strong customer retention in our Global Data Center Business, with low annual customer churn of approximately 4% - 8%.
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Comprehensive Information
Management Solution
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As an S&P 500 REIT with approximately 1,450 locations globally and with offerings spanning physical storage, digitization solutions and digital storage, we are positioned to provide a holistic offering to our customers. We are able to cater to our customers’ physical and digital needs and to help guide their digital transformation journey.
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Significant Owner and Operator
of Real Estate
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We operate approximately 93 million square feet of real estate worldwide. Our owned real estate footprint spans nearly 26 million square feet and is concentrated in major metropolitan statistical areas in North America, Western Europe and Latin America.
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Limited Revenue Cyclicality
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Historically, economic downturns have not significantly affected our storage rental business. Due to the durability of our total global physical volumes, the success of our revenue management initiatives, and the growth of our Global Data Center Business, we believe we can continue to grow organic storage rental revenue over time.
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Shifting Revenue Mix
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We have identified a number of areas where we see opportunity for growth as we position ourselves to unlock greater value for our customers. These business lines, including Data Center, Fine Arts and Entertainment Services, Consumer Storage and Secure IT Asset Disposition, represent markets with strong secular growth.
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4
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IRON MOUNTAIN 2020 FORM 10-K |
Large Data Center
Platform with Significant
Expansion Opportunity
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As of December 31, 2020, we had 130 MW of leasable capacity with an additional 246 MW under construction or held for development.
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Differentiated Compliance
and Security
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We offer comprehensive compliance support and physical and cyber security. Our multi-layered approach to security includes a combination of technical and human security measures, and experienced senior military and public sector cyber security leaders oversee our security. As of December 31, 2020, our data centers comply with one of the most comprehensive compliance programs in the industry, including enterprise-wide certified ISO 14001 and 50001 environmental and energy management systems. We also report globally on service organizational controls, PCI-DSS compliance, and met FISMA HIGH and FedRAMP controls in the United States.
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Efficient Access
and Flexibility
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We have the ability to provide customers with a range of deployment options from one cabinet to an entire building, leveraging our global portfolio of hyperscale-ready and underground data centers. We also provide access to numerous carriers, cloud providers and peering exchanges with migration support and IT.
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100% Green Powered
Data Centers
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As of December 31, 2020, our Global Data Center platform was powered by 100% renewable energy, with carbon credit assistance and low power usage effectiveness (“PUE"). We are one of the top 25 buyers of renewable energy among the Fortune 1000 and now offer the Green Power Pass, which allows customers to include the power they consume at any Iron Mountain data center as green power in their CDP, RE100, GRI, or other sustainability reporting.
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IRON MOUNTAIN 2020 FORM 10-K |
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6
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IRON MOUNTAIN 2020 FORM 10-K |
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STRONG SUSTAINABILITY FOCUS
•Green Power Pass solution in Data Center market to help customers manage their carbon footprint.
•Part of RE100 Initiative — commitment to using renewable energy sources for 100% of our worldwide electricity.
•81% of our global electricity use — including 100% of the electricity used to power our Data Center business — was from renewable sources in 2020.
•Recognized as a top 25 U.S. buyer of renewable energy and honored with the U.S. Department of Energy’s Better Buildings Goal Achiever Award.
•Reduced GHG emissions by 52% (since 2016) and achieved a 25% reduction in non-IT energy intensity, surpassing an original goal of 20% by 2026.
•Received a 100% on the Human Rights Campaign Corporate Equality Index for 2018, 2019, 2020 and 2021.
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IRON MOUNTAIN 2020 FORM 10-K |
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IRON MOUNTAIN 2020 FORM 10-K |
IRON MOUNTAIN 2020 FORM 10-K |
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IRON MOUNTAIN 2020 FORM 10-K |
IRON MOUNTAIN 2020 FORM 10-K |
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IRON MOUNTAIN 2020 FORM 10-K |
IRON MOUNTAIN 2020 FORM 10-K |
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IRON MOUNTAIN 2020 FORM 10-K |
IRON MOUNTAIN 2020 FORM 10-K |
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IRON MOUNTAIN 2020 FORM 10-K |
IRON MOUNTAIN 2020 FORM 10-K |
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IRON MOUNTAIN 2020 FORM 10-K |
IRON MOUNTAIN 2020 FORM 10-K |
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IRON MOUNTAIN 2020 FORM 10-K |
LEASED | OWNED | TOTAL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COUNTRY/STATE | NUMBER | SQUARE FEET | NUMBER | SQUARE FEET | NUMBER | SQUARE FEET | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States (Including Puerto Rico) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alabama | 3 | 312,473 | 1 | 12,621 | 4 | 325,094 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arizona | 8 | 496,448 | 6 | 1,207,281 | 14 | 1,703,729 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arkansas | 2 | 63,604 | — | — | 2 | 63,604 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
California | 66 | 5,606,499 | 10 | 958,856 | 76 | 6,565,355 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado | 10 | 499,546 | 4 | 484,490 | 14 | 984,036 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Connecticut | 4 | 199,114 | 6 | 665,013 | 10 | 864,127 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware | 4 | 309,067 | 1 | 120,921 | 5 | 429,988 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
District of Columbia | 1 | 1,670 | — | — | 1 | 1,670 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Florida | 33 | 2,356,117 | 5 | 263,930 | 38 | 2,620,047 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Georgia | 10 | 826,606 | 5 | 265,049 | 15 | 1,091,655 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Idaho | 2 | 105,021 | — | — | 2 | 105,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Illinois | 15 | 1,213,808 | 7 | 1,309,975 | 22 | 2,523,783 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indiana | 6 | 344,516 | — | — | 6 | 344,516 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Iowa | 2 | 145,138 | 1 | 14,200 | 3 | 159,338 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kansas | 3 | 253,919 | — | — | 3 | 253,919 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kentucky | 3 | 116,000 | 4 | 418,760 | 7 | 534,760 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Louisiana | 4 | 388,475 | — | — | 4 | 388,475 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maine | — | — | 1 | 95,000 | 1 | 95,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maryland | 19 | 2,032,517 | 2 | 83,442 | 21 | 2,115,959 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Massachusetts (including Corporate Headquarters) | 8 | 545,039 | 8 | 1,173,503 | 16 | 1,718,542 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michigan | 13 | 785,563 | 6 | 345,736 | 19 | 1,131,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minnesota | 12 | 908,474 | — | — | 12 | 908,474 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mississippi | 3 | 201,300 | — | — | 3 | 201,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Missouri | 10 | 1,225,648 | 5 | 373,120 | 15 | 1,598,768 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Montana | 3 | 35,990 | — | — | 3 | 35,990 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nebraska | 1 | 34,560 | 3 | 316,970 | 4 | 351,530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nevada | 7 | 276,520 | 1 | 107,041 | 8 | 383,561 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Hampshire | — | — | 1 | 146,467 | 1 | 146,467 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey | 34 | 3,091,948 | 8 | 2,476,635 | 42 | 5,568,583 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Mexico | 3 | 151,473 | — | — | 3 | 151,473 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York | 20 | 921,775 | 13 | 1,186,266 | 33 | 2,108,041 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Carolina | 19 | 976,504 | 3 | 150,624 | 22 | 1,127,128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ohio | 14 | 1,064,729 | 5 | 290,291 | 19 | 1,355,020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oklahoma | 5 | 228,425 | — | — | 5 | 228,425 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oregon | 11 | 384,296 | 1 | 55,621 | 12 | 439,917 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 24 | 2,335,704 | 4 | 2,067,081 | 28 | 4,402,785 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Puerto Rico | 4 | 237,969 | 1 | 54,352 | 5 | 292,321 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rhode Island | 1 | 70,159 | 1 | 12,748 | 2 | 82,907 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Carolina | 4 | 247,375 | 2 | 214,238 | 6 | 461,613 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tennessee | 5 | 256,743 | 4 | 63,909 | 9 | 320,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 40 | 2,172,049 | 27 | 2,229,977 | 67 | 4,402,026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utah | 2 | 78,148 | 1 | 90,553 | 3 | 168,701 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vermont | 2 | 55,200 | — | — | 2 | 55,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Virginia | 12 | 685,369 | 7 | 795,036 | 19 | 1,480,405 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington | 7 | 719,991 | 5 | 196,028 | 12 | 916,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
West Virginia | 2 | 105,502 | — | — | 2 | 105,502 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wisconsin | 6 | 389,857 | 1 | 10,655 | 7 | 400,512 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total United States | 467 | 33,456,848 | 160 | 18,256,389 | 627 | 51,713,237 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canada | 49 | 3,076,099 | 16 | 1,783,258 | 65 | 4,859,357 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total North America | 516 | 36,532,947 | 176 | 20,039,647 | 692 | 56,572,594 |
IRON MOUNTAIN 2020 FORM 10-K |
21
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LEASED | OWNED | TOTAL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COUNTRY/STATE | NUMBER | SQUARE FEET | NUMBER | SQUARE FEET | NUMBER | SQUARE FEET | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Argentina | 4 | 225,334 | 4 | 298,864 | 8 | 524,198 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Armenia | 3 | 13,712 | — | — | 3 | 13,712 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Australia | 44 | 3,004,241 | 2 | 33,845 | 46 | 3,038,086 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austria | 3 | 92,296 | 1 | 30,000 | 4 | 122,296 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Belarus | 4 | 18,472 | — | — | 4 | 18,472 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Belgium | 4 | 202,106 | 1 | 104,391 | 5 | 306,497 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brazil | 42 | 2,854,580 | 7 | 324,655 | 49 | 3,179,235 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bulgaria | 2 | 154,204 | — | — | 2 | 154,204 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chile | 8 | 295,030 | 10 | 376,183 | 18 | 671,213 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China Mainland (including China - Hong Kong S.A.R., China-Taiwan and China-Macau S.A.R.) | 45 | 1,878,851 | 1 | 20,518 | 46 | 1,899,369 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colombia | 24 | 938,325 | — | — | 24 | 938,325 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Croatia | 1 | 36,737 | 1 | 36,447 | 2 | 73,184 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cyprus | 2 | 51,118 | 2 | 46,246 | 4 | 97,364 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Czech Republic | 7 | 152,889 | — | — | 7 | 152,889 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denmark | 3 | 161,361 | — | — | 3 | 161,361 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
England | 59 | 2,969,416 | 23 | 1,175,907 | 82 | 4,145,323 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estonia | 1 | 38,861 | — | — | 1 | 38,861 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eswatini | 3 | 6,997 | — | — | 3 | 6,997 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finland | 3 | 95,896 | — | — | 3 | 95,896 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
France | 33 | 2,111,261 | 12 | 936,486 | 45 | 3,047,747 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Germany | 14 | 690,283 | 2 | 93,226 | 16 | 783,509 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greece | 4 | 291,273 | — | — | 4 | 291,273 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hungary | 7 | 350,898 | — | — | 7 | 350,898 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
India | 75 | 3,211,253 | — | — | 75 | 3,211,253 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indonesia | 3 | 85,423 | 1 | 37,674 | 4 | 123,097 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ireland | 5 | 133,153 | 3 | 158,558 | 8 | 291,711 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kazakhstan | 4 | 46,482 | — | — | 4 | 46,482 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Latvia | 2 | 58,710 | — | — | 2 | 58,710 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lesotho | 2 | 4,736 | — | — | 2 | 4,736 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lithuania | 2 | 60,543 | — | — | 2 | 60,543 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Malaysia | 8 | 443,149 | — | — | 8 | 443,149 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mexico | 10 | 478,471 | 8 | 585,885 | 18 | 1,064,356 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Netherlands | 9 | 602,564 | 3 | 102,199 | 12 | 704,763 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northern Ireland | 3 | 129,083 | — | — | 3 | 129,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Zealand | 6 | 413,959 | — | — | 6 | 413,959 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Norway | 5 | 194,321 | — | — | 5 | 194,321 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peru | 4 | 63,949 | 10 | 433,770 | 14 | 497,719 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Philippines | 9 | 338,040 | — | — | 9 | 338,040 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Poland | 19 | 796,561 | — | — | 19 | 796,561 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Romania | 7 | 412,214 | — | — | 7 | 412,214 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russia | 44 | 1,743,914 | — | — | 44 | 1,743,914 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scotland | — | — | 4 | 375,294 | 4 | 375,294 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Serbia | 3 | 98,876 | — | — | 3 | 98,876 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Singapore | 6 | 297,581 | 3 | 345,056 | 9 | 642,637 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Slovakia | 5 | 173,792 | — | — | 5 | 173,792 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | 17 | 483,181 | — | — | 17 | 483,181 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Korea | 8 | 257,233 | — | — | 8 | 257,233 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spain | 31 | 766,667 | 5 | 170,707 | 36 | 937,374 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sweden | 6 | 759,793 | — | — | 6 | 759,793 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Switzerland | 11 | 283,104 | — | — | 11 | 283,104 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thailand | 3 | 205,827 | 2 | 105,487 | 5 | 311,314 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Turkey | 8 | 675,751 | — | — | 8 | 675,751 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ukraine | 10 | 208,050 | — | — | 10 | 208,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United Arab Emirates | 6 | 314,628 | — | — | 6 | 314,628 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total International | 651 | 30,375,149 | 105 | 5,791,398 | 756 | 36,166,547 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,167 | 66,908,096 | 281 | 25,831,045 | 1,448 | 92,739,141 |
22
|
IRON MOUNTAIN 2020 FORM 10-K |
RECORDS MANAGEMENT(1)
|
DATA MANAGEMENT | |||||||||||||||||||||||||
REGION |
BUILDING
UTILIZATION |
RACKING
UTILIZATION |
BUILDING
UTILIZATION |
RACKING
UTILIZATION |
||||||||||||||||||||||
North America | 83% | 90% | 85% | 97% | ||||||||||||||||||||||
Europe | 83% | 91% | 49% | 74% | ||||||||||||||||||||||
Latin America | 87% | 91% | 76% | 81% | ||||||||||||||||||||||
Asia | 86% | 93% | 66% | 72% | ||||||||||||||||||||||
Total | 84% | 91% | 75% | 90% |
YEAR | NUMBER OF LEASES EXPIRING |
TOTAL MEGAWATTS
EXPIRING |
PERCENTAGE
OF TOTAL MEGAWATTS EXPIRING |
ANNUALIZED
TOTAL CONTRACT RENT EXPIRING (IN THOUSANDS) |
PERCENTAGE OF
TOTAL CONTRACT VALUE ANNUALIZED RENT |
|||||||||||||||||||||||||||
2021 | 594 | 18.1 | 13.9 | % | $ | 57,614 | 20.2 | % | ||||||||||||||||||||||||
2022 | 320 | 17.6 | 13.5 | % | 46,544 | 16.3 | % | |||||||||||||||||||||||||
2023 | 261 | 18.7 | 14.4 | % | 50,762 | 17.8 | % | |||||||||||||||||||||||||
2024 | 81 | 8.9 | 6.8 | % | 22,497 | 7.9 | % | |||||||||||||||||||||||||
2025 | 48 | 11.6 | 8.9 | % | 25,593 | 9.0 | % | |||||||||||||||||||||||||
2026 | 14 | 7.6 | 5.8 | % | 15,683 | 5.5 | % | |||||||||||||||||||||||||
2027 | 3 | 6.8 | 5.2 | % | 6,944 | 2.4 | % | |||||||||||||||||||||||||
Thereafter | 19 | 41.1 | 31.5 | % | 59,851 | 20.9 | % | |||||||||||||||||||||||||
Total | 1,340 | 130.4 | 100.0 | % | $ | 285,488 | 100.0 | % |
IRON MOUNTAIN 2020 FORM 10-K |
23
|
IRON MOUNTAIN 2020 FORM 10-K |
25
|
COVID-19
In March 2020, the World Health Organization declared COVID-19 a pandemic. This resulted in U.S. federal, state and local and foreign governments and private entities mandating various restrictions, including travel restrictions, restrictions on public gatherings and stay-at-home orders and advisories. In response, we temporarily closed certain of our offices and facilities across the world and implemented certain travel restrictions for our employees. The preventative and protective actions that governments have ordered, or we or our customers have implemented, have resulted in a period of reduced service operations and business disruption for us, our customers and other third parties with which we do business. While we have broad geographic and customer diversification with operations in 56 countries and no single customer accounting for more than 1% of our revenue during the year ended December 31, 2020, COVID-19 is a global pandemic impacting numerous industries and geographies. While we do not currently believe that the implications of the COVID-19 pandemic have had a material adverse impact on our ability to collect our accounts receivable, global economic conditions related to the COVID-19 pandemic may have a material adverse effect on our customers, which could impact our future ability to collect our accounts receivable. We continue to monitor the credit worthiness of our customers and customer payment trends, as well as the related impact on our liquidity.
We have taken certain actions during the year ended December 31, 2020 to manage our costs and capital expenditures, including, but not limited to: (i) the termination of nearly all of our temporary and contract workers; (ii) reductions in our full-time and part-time work forces; (iii) temporary furloughs, reduced hours or other temporary reduction measures; (iv) the deferral of certain previously planned non-essential capital investments; and (v) the implementation of a temporary freeze on future acquisitions. We can provide no assurance that the cost savings measures we have taken, or may take in future periods, will be sufficient to offset any future service level declines, and we continue to evaluate the need for these cost saving measures and additional cost saving measures as additional information regarding the COVID-19 pandemic and the related economic downturn becomes known. We have incurred certain costs due to the COVID-19 pandemic which are direct, incremental and not expected to recur once the pandemic ends, which include the purchase of personal protective equipment for our employees and incremental cleaning costs of our facilities, among other direct costs. We have excluded these costs in calculating our various non-GAAP measures as described below.
|
||
Compelling Adjusted EBITDA Benefits | Implementation Details | ||||
~$375M
Expected annual run-rate
benefits realized exiting 2021
$165M
Benefits delivered in 2020
|
•Project Summit began in Q4 2019 and is expected to be substantially completed by the end of 2021
•Cost to implement is estimated to be ~$450M
|
||||
26
|
IRON MOUNTAIN 2020 FORM 10-K |
2020 |
|
$165 million | ||||||
Exiting 2021 |
|
$375 million
(expected)
|
From the Inception of
Project Summit through December 31, 2020 |
|
|||||||
For the Year Ended
December 31, 2020 |
|
|||||||
For the Year Ended
December 31, 2019 |
|
IRON MOUNTAIN 2020 FORM 10-K |
27
|
28
|
IRON MOUNTAIN 2020 FORM 10-K |
COST OF SALES | SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | |||||||
|
|
Trends in facility occupancy costs are impacted by:
•the total number of facilities we occupy;
•the mix of properties we own versus properties we lease;
•fluctuations in per square foot occupancy costs; and
•the levels of utilization of these properties.
Trends in total wages and benefits in dollars and as a percentage of total consolidated revenue are influenced by:
•changes in headcount and compensation levels;
•achievement of incentive compensation targets;
•workforce productivity; and
•variability in costs associated with medical insurance and workers’ compensation.
The expansion of our international businesses has impacted the major cost of sales components and selling, general and administrative expenses.
•Our international operations are more labor intensive relative to revenue than our operations in North America and, therefore, labor costs are a higher percentage of international operational revenue.
•The overhead structure of our expanding international operations has generally not achieved the same level of overhead leverage as our North American operations, which may result in an increase in selling, general and administrative expenses as a percentage of consolidated revenue as our international operations become a larger percentage of our consolidated results.
|
|||||
IRON MOUNTAIN 2020 FORM 10-K |
29
|
PERCENTAGE OF
UNITED STATES DOLLAR- REPORTED REVENUE FOR THE YEAR ENDED DECEMBER 31, |
AVERAGE EXCHANGE RATES
FOR THE YEAR ENDED DECEMBER 31, |
PERCENTAGE
STRENGTHENING / (WEAKENING) OF FOREIGN CURRENCY |
|||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Australian dollar | 3.2 | % | 3.4 | % | $ | 0.690 | $ | 0.695 | (0.7) | % | |||||||||||||||||||
Brazilian real | 1.9 | % | 2.6 | % | $ | 0.196 | $ | 0.254 | (22.8) | % | |||||||||||||||||||
British pound sterling | 6.0 | % | 6.4 | % | $ | 1.283 | $ | 1.277 | 0.5 | % | |||||||||||||||||||
Canadian dollar | 5.4 | % | 5.7 | % | $ | 0.746 | $ | 0.754 | (1.1) | % | |||||||||||||||||||
Euro | 7.5 | % | 7.4 | % | $ | 1.141 | $ | 1.120 | 1.9 | % |
PERCENTAGE OF
UNITED STATES DOLLAR- REPORTED REVENUE FOR THE YEAR ENDED DECEMBER 31, |
AVERAGE EXCHANGE RATES
FOR THE YEAR ENDED DECEMBER 31, |
PERCENTAGE
STRENGTHENING / (WEAKENING) OF FOREIGN CURRENCY |
|||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||
Australian dollar | 3.4 | % | 3.7 | % | $ | 0.695 | $ | 0.748 | (7.1) | % | |||||||||||||||||||
Brazilian real | 2.6 | % | 2.9 | % | $ | 0.254 | $ | 0.276 | (8.0) | % | |||||||||||||||||||
British pound sterling | 6.4 | % | 6.6 | % | $ | 1.277 | $ | 1.335 | (4.3) | % | |||||||||||||||||||
Canadian dollar | 5.7 | % | 5.9 | % | $ | 0.754 | $ | 0.772 | (2.3) | % | |||||||||||||||||||
Euro | 7.4 | % | 7.3 | % | $ | 1.120 | $ | 1.182 | (5.2) | % |
EXCLUDED | |||||
•Significant Acquisition Costs
•Restructuring Charges
•Intangible impairments
•(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate)
|
•Other expense (income), net
•Stock-based compensation expense
•COVID-19 Costs (as defined below)
|
||||
30
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Income (Loss) from Continuing Operations | $ | 343,096 | $ | 268,211 | $ | 367,558 | |||||||||||
Add/(Deduct): | |||||||||||||||||
Interest expense, net | 418,535 | 419,298 | 409,648 | ||||||||||||||
Provision (benefit) for income taxes | 29,609 | 59,931 | 42,753 | ||||||||||||||
Depreciation and amortization | 652,069 | 658,201 | 639,514 | ||||||||||||||
Significant Acquisition Costs | — | 13,293 | 50,665 | ||||||||||||||
Restructuring Charges | 194,396 | 48,597 | — | ||||||||||||||
Intangible impairments | 23,000 | — | — | ||||||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (363,537) | (63,824) | (73,622) | ||||||||||||||
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures(1)
|
133,611 | 25,720 | (11,867) | ||||||||||||||
Stock-based compensation expense(2)
|
34,272 | 36,194 | 31,014 | ||||||||||||||
COVID-19 Costs(3)
|
9,285 | — | — | ||||||||||||||
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 1,385 | 3,388 | 3,261 | ||||||||||||||
Adjusted EBITDA | $ | 1,475,721 | $ | 1,469,009 | $ | 1,458,924 |
EXCLUDED | |||||
•Significant Acquisition Costs
•Restructuring Charges
•Intangible impairments
•(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate)
|
•Other expense (income), net
•Stock-based compensation expense
•COVID-19 Costs
•Tax impact of reconciling items and discrete tax items
|
||||
IRON MOUNTAIN 2020 FORM 10-K |
31
|
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Reported EPS—Fully Diluted from Continuing Operations | $ | 1.19 | $ | 0.93 | $ | 1.28 | |||||||||||
Add/(Deduct): | |||||||||||||||||
Significant Acquisition Costs | — | 0.05 | 0.18 | ||||||||||||||
Restructuring Charges | 0.67 | 0.17 | — | ||||||||||||||
Intangible impairments | 0.08 | — | — | ||||||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (1.26) | (0.22) | (0.25) | ||||||||||||||
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures | 0.46 | 0.09 | (0.04) | ||||||||||||||
Stock-based compensation expense(1)
|
0.12 | 0.13 | 0.11 | ||||||||||||||
COVID-19 Costs(2)
|
0.03 | — | — | ||||||||||||||
Tax impact of reconciling items and discrete tax items(3)
|
(0.11) | (0.03) | (0.10) | ||||||||||||||
Adjusted EPS—Fully Diluted from Continuing Operations(4)
|
$ | 1.19 | $ | 1.11 | $ | 1.16 |
32
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 343,096 | $ | 268,315 | $ | 355,131 | |||||||||||||||||||||||
Add/(Deduct): | |||||||||||||||||||||||||||||
Real estate depreciation(1)
|
298,943 | 303,415 | 284,804 | ||||||||||||||||||||||||||
Gain on sale of real estate, net of tax(2)
|
(365,709) | (99,194) | (55,328) | ||||||||||||||||||||||||||
Data center lease-based intangible assets amortization(3)
|
42,637 | 46,696 | 43,061 | ||||||||||||||||||||||||||
Our share of FFO (Nareit) reconciling items from our unconsolidated joint ventures | — | 1,284 | 1,391 | ||||||||||||||||||||||||||
FFO (Nareit) | 318,967 | 520,516 | 629,059 | ||||||||||||||||||||||||||
Add/(Deduct): | |||||||||||||||||||||||||||||
Significant Acquisition Costs | — | 13,293 | 50,665 | ||||||||||||||||||||||||||
Restructuring Charges | 194,396 | 48,597 | — | ||||||||||||||||||||||||||
Intangible impairments | 23,000 | — | — | ||||||||||||||||||||||||||
Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate) | 2,523 | 40,763 | (9,818) | ||||||||||||||||||||||||||
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures(4)
|
133,611 | 25,720 | (11,867) | ||||||||||||||||||||||||||
Stock-based compensation expense(5)
|
34,272 | 36,194 | 31,014 | ||||||||||||||||||||||||||
COVID-19 Costs(6)
|
9,285 | — | — | ||||||||||||||||||||||||||
Real estate financing lease depreciation | 13,801 | 13,364 | 13,650 | ||||||||||||||||||||||||||
Tax impact of reconciling items and discrete tax items(7)
|
(31,825) | (13,095) | (38,365) | ||||||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax(8)
|
— | (104) | 12,427 | ||||||||||||||||||||||||||
Our share of FFO (Normalized) reconciling items from our unconsolidated joint ventures | (38) | 148 | 248 | ||||||||||||||||||||||||||
FFO (Normalized) | $ | 697,992 | $ | 685,396 | $ | 677,013 |
IRON MOUNTAIN 2020 FORM 10-K |
33
|
34
|
IRON MOUNTAIN 2020 FORM 10-K |
•North American Records and Information Management reporting unit ("North America RIM")
•Europe Records and Information Management reporting unit ("Europe RIM")
•Latin America Records and Information Management reporting unit ("Latin America RIM")
|
•Australia and New Zealand Records and Information Management reporting unit ("ANZ RIM")
•Asia Records and Information Management reporting unit ("Asia RIM")
•Global Data Center
|
•Fine Arts
•Entertainment Services
•Technology Escrow Services
|
||||||
IRON MOUNTAIN 2020 FORM 10-K |
35
|
REPORTING UNIT |
GOODWILL
BALANCE AT OCTOBER 1, 2020 |
PERCENTAGE BY
WHICH THE FAIR VALUE OF THE REPORTING UNIT EXCEEDED THE REPORTING UNIT CARRYING VALUE AS OF OCTOBER 1, 2020 |
KEY ASSUMPTIONS IN THE FAIR VALUE OF REPORTING UNIT
MEASUREMENT AS OF OCTOBER 1, 2020 |
|||||||||||||||||||||||||||||||||||
DISCOUNT
RATE |
AVERAGE ANNUAL
CONTRIBUTION MARGIN USED IN DISCOUNTED CASH FLOW |
AVERAGE
ANNUAL CAPITAL
EXPENDITURES AS
PERCENTAGE OF
REVENUE(1)
|
TERMINAL
GROWTH
RATE(2)
|
|||||||||||||||||||||||||||||||||||
Global Data Center | $ | 430,594 | 8.5 | % | 8.0 | % | 43.7 | % | 27.8 | % | 3.0 | % | ||||||||||||||||||||||||||
36
|
IRON MOUNTAIN 2020 FORM 10-K |
North America RIM, Europe
RIM, Latin America RIM, ANZ
RIM, Asia RIM, Fine Arts, Entertainment
Services and Technology
Escrow Services
|
We noted that, based on the estimated fair value of these reporting units determined as of October 1, 2020:
•a hypothetical decrease of 10% in the expected annual future cash flows of these reporting units, with all other assumptions unchanged, would have decreased the estimated fair value of these reporting units as of October 1, 2020 by a range of approximately 9.7% to 10.6% but would not, however, have resulted in the carrying value of any of these reporting units with goodwill exceeding their estimated fair value;
•a hypothetical increase of 100 basis points in the discount rate, with all other assumptions unchanged, would have decreased the estimated fair value of these reporting units as of October 1, 2020 by a range of approximately 4.6% to 10.7% but would not, however, have resulted in the carrying value of any of these reporting units with goodwill exceeding their estimated fair value.
|
||||
Global Data Center
|
We noted that, as of October 1, 2020, the estimated fair value of the reporting unit:
•exceeds its carrying value by less than 20%.
Accordingly, any significant negative change in either the expected annual future cash flows of the reporting unit or the discount rate may result in the carrying value of the reporting unit exceeding its estimated fair value.
|
||||
IRON MOUNTAIN 2020 FORM 10-K |
37
|
YEAR ENDED DECEMBER 31, |
DOLLAR
CHANGE |
PERCENTAGE
CHANGE |
|||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Revenues | $ | 4,147,270 | $ | 4,262,584 | $ | (115,314) | (2.7) | % | |||||||||||||||
Operating Expenses | 3,212,485 | 3,481,246 | (268,761) | (7.7) | % | ||||||||||||||||||
Operating Income | 934,785 | 781,338 | 153,447 | 19.6 | % | ||||||||||||||||||
Other Expenses, Net | 591,689 | 513,127 | 78,562 | 15.3 | % | ||||||||||||||||||
Income from Continuing Operations | 343,096 | 268,211 | 74,885 | 27.9 | % | ||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | 104 | (104) | (100.0) | % | ||||||||||||||||||
Net Income | 343,096 | 268,315 | 74,781 | 27.9 | % | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 403 | 938 | (535) | (57.0) | % | ||||||||||||||||||
Net Income Attributable to Iron Mountain Incorporated | $ | 342,693 | $ | 267,377 | $ | 75,316 | 28.2 | % | |||||||||||||||
Adjusted EBITDA(1)
|
$ | 1,475,721 | $ | 1,469,009 | $ | 6,712 | 0.5 | % | |||||||||||||||
Adjusted EBITDA Margin(1)
|
35.6 | % | 34.5 | % |
YEAR ENDED DECEMBER 31, |
DOLLAR
CHANGE |
PERCENTAGE
CHANGE |
|||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Revenues | $ | 4,262,584 | $ | 4,225,761 | $ | 36,823 | 0.9 | % | |||||||||||||||
Operating Expenses | 3,481,246 | 3,417,494 | 63,752 | 1.9 | % | ||||||||||||||||||
Operating Income | 781,338 | 808,267 | (26,929) | (3.3) | % | ||||||||||||||||||
Other Expenses, Net | 513,127 | 440,709 | 72,418 | 16.4 | % | ||||||||||||||||||
Income from Continuing Operations | 268,211 | 367,558 | (99,347) | (27.0) | % | ||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | 104 | (12,427) | 12,531 | (100.8) | % | ||||||||||||||||||
Net Income | 268,315 | 355,131 | (86,816) | (24.4) | % | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 938 | 1,198 | (260) | (21.7) | % | ||||||||||||||||||
Net Income Attributable to Iron Mountain Incorporated | $ | 267,377 | $ | 353,933 | $ | (86,556) | (24.5) | % | |||||||||||||||
Adjusted EBITDA(1)
|
$ | 1,469,009 | $ | 1,458,924 | $ | 10,085 | 0.7 | % | |||||||||||||||
Adjusted EBITDA Margin(1)
|
34.5 | % | 34.5 | % |
IRON MOUNTAIN 2020 FORM 10-K |
38
|
YEAR ENDED DECEMBER 31, | PERCENTAGE CHANGE | ||||||||||||||||||||||||||||||||||||||||
2020 | 2019 |
DOLLAR
CHANGE |
ACTUAL |
CONSTANT
CURRENCY(1)
|
IMPACT OF ACQUISITIONS |
ORGANIC
GROWTH(2)
|
|||||||||||||||||||||||||||||||||||
Storage Rental | $ | 2,754,091 | $ | 2,681,087 | $ | 73,004 | 2.7 | % | 3.8 | % | 1.4 | % | 2.4 | % | |||||||||||||||||||||||||||
Service | 1,393,179 | 1,581,497 | (188,318) | (11.9) | % | (11.0) | % | 1.8 | % | (12.8) | % | ||||||||||||||||||||||||||||||
Total Revenues | $ | 4,147,270 | $ | 4,262,584 | $ | (115,314) | (2.7) | % | (1.7) | % | 1.6 | % | (3.3) | % |
YEAR ENDED DECEMBER 31, | PERCENTAGE CHANGE | ||||||||||||||||||||||||||||||||||||||||
2019 | 2018 |
DOLLAR
CHANGE |
ACTUAL |
CONSTANT
CURRENCY(1)
|
IMPACT OF ACQUISITIONS |
ORGANIC
GROWTH(2)
|
|||||||||||||||||||||||||||||||||||
Storage Rental | $ | 2,681,087 | $ | 2,622,455 | $ | 58,632 | 2.2 | % | 4.3 | % | 1.8 | % | 2.5 | % | |||||||||||||||||||||||||||
Service | 1,581,497 | 1,603,306 | (21,809) | (1.4) | % | 0.9 | % | 1.9 | % | (1.0) | % | ||||||||||||||||||||||||||||||
Total Revenues | $ | 4,262,584 | $ | 4,225,761 | $ | 36,823 | 0.9 | % | 3.0 | % | 1.9 | % | 1.1 | % |
STORAGE RENTAL REVENUES
|
•organic storage rental revenue growth driven by volume growth in faster growing markets and revenue management;
•a 2.1% increase in global records management volume due to acquisitions (excluding acquisitions, global records management volume decreased 1.1%); and
•a decrease of $29.1 million due to foreign currency exchange rate fluctuations.
|
||||
SERVICE REVENUES
|
•a decrease in service activity as a result of the COVID-19 pandemic, particularly in regions where governments have imposed restrictions on our customers' non-essential business operations;
•organic service revenue declines reflecting lower service activity levels; and
•a decrease of $15.7 million due to foreign currency exchange rate fluctuations.
|
||||
39
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, | PERCENTAGE CHANGE |
% OF
CONSOLIDATED REVENUES |
PERCENTAGE
CHANGE (FAVORABLE)/ UNFAVORABLE |
||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | DOLLAR CHANGE | ACTUAL |
CONSTANT
CURRENCY |
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
Labor | $ | 738,038 | $ | 814,459 | $ | (76,421) | (9.4) | % | (7.9) | % | 17.8 | % | 19.1 | % | (1.3) | % | |||||||||||||||||||||||||||||||
Facilities | 731,679 | 697,330 | 34,349 | 4.9 | % | 6.0 | % | 17.6 | % | 16.4 | % | 1.2 | % | ||||||||||||||||||||||||||||||||||
Transportation | 125,591 | 162,905 | (37,314) | (22.9) | % | (22.6) | % | 3.0 | % | 3.8 | % | (0.8) | % | ||||||||||||||||||||||||||||||||||
Product Cost of Sales and Other | 154,386 | 158,621 | (4,235) | (2.7) | % | (1.0) | % | 3.7 | % | 3.7 | % | — | % | ||||||||||||||||||||||||||||||||||
COVID-19 Costs | 7,648 | — | 7,648 | 100.0 | % | 100.0 | % | 0.2 | % | — | % | 0.2 | % | ||||||||||||||||||||||||||||||||||
Total Cost of sales | $ | 1,757,342 | $ | 1,833,315 | $ | (75,973) | (4.1) | % | (2.9) | % | 42.4 | % | 43.0 | % | (0.6) | % |
YEAR ENDED DECEMBER 31, | PERCENTAGE CHANGE |
% OF
CONSOLIDATED REVENUES |
PERCENTAGE
CHANGE (FAVORABLE)/ UNFAVORABLE |
||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 |
DOLLAR
CHANGE |
ACTUAL |
CONSTANT
CURRENCY |
2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||
Labor | $ | 814,459 | $ | 818,729 | $ | (4,270) | (0.5) | % | 2.2 | % | 19.1 | % | 19.4 | % | (0.3) | % | |||||||||||||||||||||||||||||||
Facilities | 697,330 | 651,114 | 46,216 | 7.1 | % | 9.5 | % | 16.4 | % | 15.4 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||
Transportation | 162,905 | 158,528 | 4,377 | 2.8 | % | 5.1 | % | 3.8 | % | 3.8 | % | — | % | ||||||||||||||||||||||||||||||||||
Product Cost of Sales and Other | 158,621 | 165,583 | (6,962) | (4.2) | % | (1.4) | % | 3.7 | % | 3.9 | % | (0.2) | % | ||||||||||||||||||||||||||||||||||
Total Cost of sales | $ | 1,833,315 | $ | 1,793,954 | $ | 39,361 | 2.2 | % | 4.8 | % | 43.0 | % | 42.5 | % | 0.5 | % |
IRON MOUNTAIN 2020 FORM 10-K |
40
|
YEAR ENDED DECEMBER 31, | PERCENTAGE CHANGE |
% OF
CONSOLIDATED REVENUES |
PERCENTAGE
CHANGE (FAVORABLE)/ UNFAVORABLE |
||||||||||||||||||||||||||||||||||||||||||||
DOLLAR
CHANGE |
|||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ACTUAL |
CONSTANT
CURRENCY |
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||
General and Administrative | $ | 513,664 | $ | 563,965 | $ | (50,301) | (8.9) | % | (7.9) | % | 12.4 | % | 13.2 | % | (0.8) | % | |||||||||||||||||||||||||||||||
Sales, Marketing and Account Management | 231,365 | 245,704 | (14,339) | (5.8) | % | (5.0) | % | 5.6 | % | 5.8 | % | (0.2) | % | ||||||||||||||||||||||||||||||||||
Information Technology | 168,138 | 162,606 | 5,532 | 3.4 | % | 4.2 | % | 4.1 | % | 3.8 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||
Bad Debt Expense | 34,411 | 19,389 | 15,022 | 77.5 | % | 78.9 | % | 0.8 | % | 0.5 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||
COVID-19 Costs | 1,637 | — | 1,637 | 100.0 | % | 100.0 | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||
Total Selling, general and administrative expenses | $ | 949,215 | $ | 991,664 | $ | (42,449) | (4.3) | % | (3.4) | % | 22.9 | % | 23.3 | % | (0.4) | % |
YEAR ENDED DECEMBER 31, | PERCENTAGE CHANGE |
% OF
CONSOLIDATED REVENUES |
PERCENTAGE
CHANGE (FAVORABLE)/ UNFAVORABLE |
||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 |
DOLLAR
CHANGE |
ACTUAL |
CONSTANT
CURRENCY |
2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||
General and Administrative | $ | 563,965 | $ | 577,451 | $ | (13,486) | (2.3) | % | (0.5) | % | 13.2 | % | 13.7 | % | (0.5) | % | |||||||||||||||||||||||||||||||
Sales, Marketing and Account Management | 245,704 | 257,306 | (11,602) | (4.5) | % | (2.8) | % | 5.8 | % | 6.1 | % | (0.3) | % | ||||||||||||||||||||||||||||||||||
Information Technology | 162,606 | 153,601 | 9,005 | 5.9 | % | 7.1 | % | 3.8 | % | 3.6 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||
Bad Debt Expense | 19,389 | 18,625 | 764 | 4.1 | % | 6.4 | % | 0.5 | % | 0.4 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||
Total Selling, general and administrative expenses | $ | 991,664 | $ | 1,006,983 | $ | (15,319) | (1.5) | % | 0.2 | % | 23.3 | % | 23.8 | % | (0.5) | % |
41
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Consolidated gain on disposal/write-down of property, plant and equipment, net
|
Approximately $363.5 million
|
Approximately $63.8 million
|
||||||||||||
The gains primarily consisted of: |
•Gains associated with sale-leaseback transactions of approximately $342.1 million, of which (i) approximately $265.6 million relates to the sale-leaseback transactions of 14 facilities in the United States during the fourth quarter of 2020 and (ii) approximately $76.4 million relates to the sale-leaseback transactions of two facilities in the United States during the third quarter of 2020, each as part of our program to monetize a small portion of our industrial real estate assets
•Gains of approximately $24.1 million associated with the Frankfurt JV Transaction (as defined below)
|
•Gains associated with sale and sale-leaseback transactions of approximately $67.8 million in the United States
•The sale of certain land and buildings of approximately $36.0 million in the United Kingdom
Partially offset by losses from:
•The impairment charge on the assets associated with the select offerings within our Iron Mountain Iron Cloud ("Iron Cloud") portfolio and loss on the subsequent sale of certain IT infrastructure assets and rights to certain hardware and maintenance contracts used to deliver these Iron Cloud offerings of approximately $25.0 million
•The write-down of certain property, plant and equipment of approximately $15.7 million in the United States
|
IRON MOUNTAIN 2020 FORM 10-K |
42
|
YEAR ENDED DECEMBER 31, |
DOLLAR
CHANGE |
|||||||||||||||||||
DESCRIPTION | 2020 | 2019 | ||||||||||||||||||
Foreign currency transaction losses (gains), net | $ | 29,830 | $ | 24,852 | $ | 4,978 | ||||||||||||||
Debt extinguishment expense | 68,300 | — | 68,300 | |||||||||||||||||
Other, net | 45,415 | 9,046 | 36,369 | |||||||||||||||||
Other Expense (Income), Net | $ | 143,545 | $ | 33,898 | $ | 109,647 |
YEAR ENDED DECEMBER 31, | ||||||||
2020 | 2019 | |||||||
The benefit derived from the dividends paid deduction of $60.4 million and the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $9.5 million.
|
The benefit derived from the dividends paid deduction of $40.6 million and the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $8.6 million.
|
43
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, |
DOLLAR
CHANGE |
PERCENTAGE
CHANGE |
|||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Income (Loss) from Continuing Operations | $ | 343,096 | $ | 268,211 | $ | 74,885 | 27.9 | % | |||||||||||||||
Income (Loss) from Continuing Operations as a percentage of Consolidated Revenue | 8.3 | % | 6.3 | % | |||||||||||||||||||
Adjusted EBITDA | $ | 1,475,721 | $ | 1,469,009 | $ | 6,712 | 0.5 | % | |||||||||||||||
Adjusted EBITDA Margin | 35.6 | % | 34.5 | % |
YEAR ENDED DECEMBER 31, |
DOLLAR
CHANGE |
PERCENTAGE
CHANGE |
|||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Income (Loss) from Continuing Operations | $ | 268,211 | $ | 367,558 | $ | (99,347) | (27.0) | % | |||||||||||||||
Income (Loss) from Continuing Operations as a percentage of Consolidated Revenue | 6.3 | % | 8.7 | % | |||||||||||||||||||
Adjusted EBITDA | $ | 1,469,009 | $ | 1,458,924 | $ | 10,085 | 0.7 | % | |||||||||||||||
Adjusted EBITDA Margin | 34.5 | % | 34.5 | % |
Consolidated Adjusted EBITDA Margin for the year ended December 31, 2020 increased by 110 basis points compared to the prior year, reflecting benefits from Project Summit, revenue management, favorable revenue mix and ongoing cost containment measures, partially offset by fixed cost deleverage on lower service revenue and higher bonus compensation accruals.
|
↑ INCREASED BY $6.7 MILLION
OR 0.5%
Consolidated Adjusted EBITDA
|
||||
IRON MOUNTAIN 2020 FORM 10-K |
44
|
YEAR ENDED DECEMBER 31, | PERCENTAGE CHANGE | ||||||||||||||||||||||||||||||||||||||||
2019 | 2018 |
DOLLAR
CHANGE |
ACTUAL |
CONSTANT
CURRENCY |
IMPACT OF
ACQUISITIONS |
ORGANIC
GROWTH |
|||||||||||||||||||||||||||||||||||
Storage Rental | $ | 2,320,076 | $ | 2,301,344 | $ | 18,732 | 0.8 | % | 3.0 | % | 0.8 | % | 2.2 | % | |||||||||||||||||||||||||||
Service | 1,492,357 | 1,541,256 | (48,899) | (3.2) | % | (1.0) | % | 0.3 | % | (1.3) | % | ||||||||||||||||||||||||||||||
Segment Revenue | $ | 3,812,433 | $ | 3,842,600 | $ | (30,167) | (0.8) | % | 1.4 | % | 0.6 | % | 0.8 | % | |||||||||||||||||||||||||||
Segment Adjusted EBITDA | $ | 1,566,065 | $ | 1,572,438 | $ | (6,373) | |||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA Margin | 41.1 | % | 40.9 | % |
45
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, | PERCENTAGE CHANGE | IMPACT OF ACQUISITIONS |
ORGANIC
GROWTH |
||||||||||||||||||||||||||||||||||||||
2020 | 2019 |
DOLLAR
CHANGE |
ACTUAL |
CONSTANT
CURRENCY |
|||||||||||||||||||||||||||||||||||||
Storage Rental | $ | 263,695 | $ | 246,925 | $ | 16,770 | 6.8 | % | 6.5 | % | — | % | 6.5 | % | |||||||||||||||||||||||||||
Service | 15,617 | 10,226 | 5,391 | 52.7 | % | 51.5 | % | — | % | 51.5 | % | ||||||||||||||||||||||||||||||
Segment Revenue | $ | 279,312 | $ | 257,151 | $ | 22,161 | 8.6 | % | 8.3 | % | — | % | 8.3 | % | |||||||||||||||||||||||||||
Segment Adjusted EBITDA | $ | 126,576 | $ | 121,517 | $ | 5,059 | |||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA Margin | 45.3 | % | 47.3 | % |
YEAR ENDED DECEMBER 31, | PERCENTAGE CHANGE | IMPACT OF ACQUISITIONS |
ORGANIC
GROWTH |
||||||||||||||||||||||||||||||||||||||
2019 | 2018 |
DOLLAR
CHANGE |
ACTUAL |
CONSTANT
CURRENCY |
|||||||||||||||||||||||||||||||||||||
Storage Rental | $ | 246,925 | $ | 218,675 | $ | 28,250 | 12.9 | % | 13.4 | % | 8.1 | % | 5.3 | % | |||||||||||||||||||||||||||
Service | 10,226 | 10,308 | (82) | (0.8) | % | (0.7) | % | 4.1 | % | (4.8) | % | ||||||||||||||||||||||||||||||
Segment Revenue | $ | 257,151 | $ | 228,983 | $ | 28,168 | 12.3 | % | 12.8 | % | 8.0 | % | 4.8 | % | |||||||||||||||||||||||||||
Segment Adjusted EBITDA | $ | 121,517 | $ | 99,575 | $ | 21,942 | |||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA Margin | 47.3 | % | 43.5 | % |
IRON MOUNTAIN 2020 FORM 10-K |
46
|
YEAR ENDED DECEMBER 31, | PERCENTAGE CHANGE |
IMPACT OF
ACQUISITIONS |
ORGANIC
GROWTH |
||||||||||||||||||||||||||||||||||||||
2019 | 2018 |
DOLLAR
CHANGE |
ACTUAL |
CONSTANT
CURRENCY |
|||||||||||||||||||||||||||||||||||||
Storage Rental | $ | 114,086 | $ | 102,436 | $ | 11,650 | 11.4 | % | 11.9 | % | 8.7 | % | 3.2 | % | |||||||||||||||||||||||||||
Service | 78,914 | 51,742 | 27,172 | 52.5 | % | 55.0 | % | 46.8 | % | 8.2 | % | ||||||||||||||||||||||||||||||
Segment Revenue | $ | 193,000 | $ | 154,178 | $ | 38,822 | 25.2 | % | 26.3 | % | 21.4 | % | 4.9 | % | |||||||||||||||||||||||||||
Segment Adjusted EBITDA | $ | (218,573) | $ | (213,089) | $ | (5,484) | |||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA as a Percentage of Consolidated Revenue | (5.1) | % | (5.0) | % |
47
|
IRON MOUNTAIN 2020 FORM 10-K |
2020 | 2019 | 2018 | |||||||||||||||
Cash Flows from Operating Activities - Continuing Operations | $ | 987,657 | $ | 966,655 | $ | 936,544 | |||||||||||
Cash Flows from Investing Activities - Continuing Operations | (85,440) | (735,946) | (2,230,128) | ||||||||||||||
Cash Flows from Financing Activities - Continuing Operations | (886,699) | (198,973) | 550,678 | ||||||||||||||
Cash and Cash Equivalents, including Restricted Cash, End of Year | 205,063 | 193,555 | 165,485 |
IRON MOUNTAIN 2020 FORM 10-K |
48
|
NATURE OF CAPITAL SPEND (IN THOUSANDS)
|
2020 | 2019 | 2018 | |||||||||||||||||
Growth Investment Capital Expenditures: | ||||||||||||||||||||
Data Center | $ | 216,491 | $ | 401,902 | $ | 162,666 | ||||||||||||||
Real Estate | 67,217 | 133,093 | 138,307 | |||||||||||||||||
Innovation and Other | 18,810 | 17,555 | 30,291 | |||||||||||||||||
Total Growth Investment Capital Expenditures | 302,518 | 552,550 | 331,264 | |||||||||||||||||
Recurring Capital Expenditures: | ||||||||||||||||||||
Real Estate | 51,009 | 55,444 | 73,146 | |||||||||||||||||
Non-Real Estate | 76,124 | 74,092 | 61,490 | |||||||||||||||||
Data Center | 15,959 | 8,589 | 9,051 | |||||||||||||||||
Total Recurring Capital Expenditures | 143,092 | 138,125 | 143,687 | |||||||||||||||||
Total Capital Spend (on accrual basis) | 445,610 | 690,675 | 474,951 | |||||||||||||||||
Net increase (decrease) in prepaid capital expenditures | 1,836 | 510 | (1,844) | |||||||||||||||||
Net (increase) decrease in accrued capital expenditures | (9,183) | 1,798 | (13,045) | |||||||||||||||||
Total Capital Spend (on cash basis) | $ | 438,263 | $ | 692,983 | $ | 460,062 |
49
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IRON MOUNTAIN 2020 FORM 10-K |
50
|
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DECEMBER 31, 2020 | MAXIMUM/MINIMUM ALLOWABLE | |||||||
Net total lease adjusted leverage ratio | 5.3 | Maximum allowable of 6.5 | ||||||
Net secured debt lease adjusted leverage ratio | 1.9 | Maximum allowable of 4.0 | ||||||
Fixed charge coverage ratio | 2.3 | Minimum allowable of 1.5 | ||||||
Bond leverage ratio (not lease adjusted) | 5.9 |
Maximum allowable of 7.0(1)
|
||||||
Bond fixed charge coverage ratio (not lease adjusted) | 3.2 |
Minimum allowable of 2.0(1)
|
IRON MOUNTAIN 2020 FORM 10-K |
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IRON MOUNTAIN |
PAGE | |||||
IRON MOUNTAIN INCORPORATED | |||||
63
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IRON MOUNTAIN 2020 FORM 10-K |
64
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IRON MOUNTAIN 2020 FORM 10-K |
DECEMBER 31, | |||||||||||
2020 | 2019 | ||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 205,063 | $ | 193,555 | |||||||
Accounts receivable (less allowances of $56,981 and $42,856 as of December 31, 2020 and 2019, respectively)
|
859,344 | 850,701 | |||||||||
Prepaid expenses and other | 205,380 | 192,083 | |||||||||
Total Current Assets | 1,269,787 | 1,236,339 | |||||||||
Property, plant and equipment | 8,246,337 | 8,048,906 | |||||||||
Less—Accumulated depreciation | (3,743,894) | (3,425,869) | |||||||||
Property, Plant and Equipment, net | 4,502,443 | 4,623,037 | |||||||||
Other Assets, Net: | |||||||||||
Goodwill | 4,557,609 | 4,485,209 | |||||||||
Customer relationships, customer inducements and data center lease-based intangibles | 1,326,977 | 1,393,183 | |||||||||
Operating lease right-of-use assets | 2,196,502 | 1,869,101 | |||||||||
Other | 295,949 | 209,947 | |||||||||
Total Other Assets, Net | 8,377,037 | 7,957,440 | |||||||||
Total Assets | $ | 14,149,267 | $ | 13,816,816 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Current portion of long-term debt | $ | 193,759 | $ | 389,013 | |||||||
Accounts payable | 359,863 | 324,708 | |||||||||
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | 1,146,288 | 961,752 | |||||||||
Deferred revenue | 295,785 | 274,036 | |||||||||
Total Current Liabilities | 1,995,695 | 1,949,509 | |||||||||
Long-term Debt, net of current portion | 8,509,555 | 8,275,566 | |||||||||
Long-term Operating Lease Liabilities, net of current portion | 2,044,598 | 1,728,686 | |||||||||
Other Long-term Liabilities | 204,508 | 143,018 | |||||||||
Deferred Income Taxes | 198,377 | 188,128 | |||||||||
Commitments and Contingencies | |||||||||||
Redeemable Noncontrolling Interests | 59,805 | 67,682 | |||||||||
Equity: | |||||||||||
Iron Mountain Incorporated Stockholders’ Equity: | |||||||||||
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding)
|
— | — | |||||||||
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 288,273,049 shares and 287,299,645 shares as of December 31, 2020 and 2019, respectively)
|
2,883 | 2,873 | |||||||||
Additional paid-in capital | 4,340,078 | 4,298,566 | |||||||||
(Distributions in excess of earnings) Earnings in excess of distributions | (2,950,339) | (2,574,896) | |||||||||
Accumulated other comprehensive items, net | (255,893) | (262,581) | |||||||||
Total Iron Mountain Incorporated Stockholders’ Equity | 1,136,729 | 1,463,962 | |||||||||
Noncontrolling Interests | — | 265 | |||||||||
Total Equity | 1,136,729 | 1,464,227 | |||||||||
Total Liabilities and Equity | $ | 14,149,267 | $ | 13,816,816 |
IRON MOUNTAIN 2020 FORM 10-K |
66
|
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues: | |||||||||||||||||
Storage rental | $ | 2,754,091 | $ | 2,681,087 | $ | 2,622,455 | |||||||||||
Service | 1,393,179 | 1,581,497 | 1,603,306 | ||||||||||||||
Total Revenues | 4,147,270 | 4,262,584 | 4,225,761 | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Cost of sales (excluding depreciation and amortization) | 1,757,342 | 1,833,315 | 1,793,954 | ||||||||||||||
Selling, general and administrative | 949,215 | 991,664 | 1,006,983 | ||||||||||||||
Depreciation and amortization | 652,069 | 658,201 | 639,514 | ||||||||||||||
Significant Acquisition Costs | — | 13,293 | 50,665 | ||||||||||||||
Restructuring Charges | 194,396 | 48,597 | — | ||||||||||||||
Intangible impairments | 23,000 | — | — | ||||||||||||||
(Gain) Loss on disposal/write-down of property, plant and equipment, net | (363,537) | (63,824) | (73,622) | ||||||||||||||
Total Operating Expenses | 3,212,485 | 3,481,246 | 3,417,494 | ||||||||||||||
Operating Income (Loss) | 934,785 | 781,338 | 808,267 | ||||||||||||||
Interest Expense, Net (includes Interest Income of $8,312, $6,559 and $6,553 in 2020, 2019 and 2018, respectively)
|
418,535 | 419,298 | 409,648 | ||||||||||||||
Other Expense (Income), Net | 143,545 | 33,898 | (11,692) | ||||||||||||||
Income (Loss) from Continuing Operations Before Provision (Benefit) for Income Taxes | 372,705 | 328,142 | 410,311 | ||||||||||||||
Provision (Benefit) for Income Taxes | 29,609 | 59,931 | 42,753 | ||||||||||||||
Income (Loss) from Continuing Operations | 343,096 | 268,211 | 367,558 | ||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | 104 | (12,427) | ||||||||||||||
Net Income (Loss) | 343,096 | 268,315 | 355,131 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 403 | 938 | 1,198 | ||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 342,693 | $ | 267,377 | $ | 353,933 | |||||||||||
Earnings (Losses) per Share—Basic: | |||||||||||||||||
Income (Loss) from Continuing Operations | $ | 1.19 | $ | 0.93 | $ | 1.28 | |||||||||||
Total (Loss) Income from Discontinued Operations, Net of Tax | $ | — | $ | — | $ | (0.04) | |||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 1.19 | $ | 0.93 | $ | 1.24 | |||||||||||
Earnings (Losses) per Share—Diluted: | |||||||||||||||||
Income (Loss) from Continuing Operations | $ | 1.19 | $ | 0.93 | $ | 1.28 | |||||||||||
Total (Loss) Income from Discontinued Operations, Net of Tax | $ | — | $ | — | $ | (0.04) | |||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 1.19 | $ | 0.93 | $ | 1.23 | |||||||||||
Weighted Average Common Shares Outstanding—Basic | 288,183 | 286,971 | 285,913 | ||||||||||||||
Weighted Average Common Shares Outstanding—Diluted | 288,643 | 287,687 | 286,653 | ||||||||||||||
67
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31,
|
|||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net Income (Loss) | $ | 343,096 | $ | 268,315 | $ | 355,131 | |||||||||||
Other Comprehensive Income (Loss): | |||||||||||||||||
Foreign Currency Translation Adjustment | 45,779 | 11,994 | (164,107) | ||||||||||||||
Change in Fair Value of Derivative Instruments | (39,947) | (8,783) | (973) | ||||||||||||||
Total Other Comprehensive Income (Loss) | 5,832 | 3,211 | (165,080) | ||||||||||||||
Comprehensive Income (Loss) | 348,928 | 271,526 | 190,051 | ||||||||||||||
Comprehensive (Loss) Income Attributable to Noncontrolling Interests | (453) | 1,066 | (2,207) | ||||||||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 349,381 | $ | 270,460 | $ | 192,258 |
IRON MOUNTAIN 2020 FORM 10-K |
68
|
IRON MOUNTAIN INCORPORATED STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK
|
ADDITIONAL
PAID-IN
CAPITAL
|
EARNINGS IN
EXCESS OF
DISTRIBUTIONS
(DISTRIBUTIONS IN
EXCESS OF
EARNINGS)
|
ACCUMULATED
OTHER
COMPREHENSIVE
ITEMS, NET
|
NONCONTROLLING
INTERESTS
|
REDEEMABLE NONCONTROLLING INTERESTS
|
|||||||||||||||||||||||||||||||||||||||||||||
TOTAL | SHARES | AMOUNTS | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | $ | 2,285,134 | 283,110,183 | $ | 2,831 | $ | 4,164,562 | $ | (1,779,674) | $ | (103,989) | $ | 1,404 | $ | 91,418 | |||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment for adoption of ASU 2014-09 | (30,233) | — | — | — | (30,233) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation | 30,020 | 762,340 | 8 | 30,012 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of shares in connection with the Over-Allotment Option, net of underwriting discounts and offering expenses | 76,192 | 2,175,000 | 22 | 76,170 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of shares through the At The Market (ATM) Equity Program, net of underwriting discounts and offering expenses | 8,716 | 273,486 | 2 | 8,714 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Changes in equity related redeemable noncontrolling interests | (16,110) | — | — | (16,110) | — | — | — | (16,151) | ||||||||||||||||||||||||||||||||||||||||||
Parent cash dividends declared | (683,519) | — | — | — | (683,519) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (160,548) | — | — | — | — | (160,702) | 154 | (3,559) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivative instruments | (973) | — | — | — | — | (973) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 353,784 | — | — | — | 353,933 | — | (149) | 1,347 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests dividends | — | — | — | — | — | — | — | (2,523) | ||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 1,862,463 | 286,321,009 | 2,863 | 4,263,348 | (2,139,493) | (265,664) | 1,409 | 70,532 | ||||||||||||||||||||||||||||||||||||||||||
Cumulative-effect adjustment for adoption of ASU 2016-02 | 5,781 | — | — | — | 5,781 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation | 36,682 | 978,636 | 10 | 36,672 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Changes in equity related redeemable noncontrolling interests | (1,454) | — | — | (1,454) | — | — | — | (3,136) | ||||||||||||||||||||||||||||||||||||||||||
Parent cash dividends declared | (708,561) | — | — | — | (708,561) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 11,866 | — | — | — | — | 11,866 | — | 128 | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivative instruments | (8,783) | — | — | — | — | (8,783) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 266,233 | — | — | — | 267,377 | — | (1,144) | 2,082 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests dividends | — | — | — | — | — | — | — | (1,924) | ||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 1,464,227 | 287,299,645 | 2,873 | 4,298,566 | (2,574,896) | (262,581) | 265 | 67,682 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of shares under employee stock purchase plan and option plans and stock-based compensation | 37,995 | 973,404 | 10 | 37,985 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Changes in equity related redeemable noncontrolling interests | 3,527 | — | — | 3,527 | — | — | — | (4,924) | ||||||||||||||||||||||||||||||||||||||||||
Parent cash dividends declared | (718,136) | — | — | — | (718,136) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 46,748 | — | — | — | — | 46,635 | 113 | (969) | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivative instruments | (39,947) | — | — | — | — | (39,947) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 342,315 | — | — | — | 342,693 | — | (378) | 781 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests dividends | — | — | — | — | — | — | — | (2,765) | ||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 1,136,729 | 288,273,049 | $ | 2,883 | $ | 4,340,078 | $ | (2,950,339) | $ | (255,893) | $ | — | $ | 59,805 |
69
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31,
|
|||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income (loss) | $ | 343,096 | $ | 268,315 | $ | 355,131 | |||||||||||
(Income) loss from discontinued operations | — | (104) | 12,427 | ||||||||||||||
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||||||||||||||||
Depreciation | 447,562 | 456,323 | 452,740 | ||||||||||||||
Amortization (includes amortization of deferred financing costs and discounts of $17,376, $16,740 and $15,675 in 2020, 2019 and 2018, respectively)
|
221,883 | 218,618 | 202,449 | ||||||||||||||
Intangible impairments | 23,000 | — | — | ||||||||||||||
Revenue reduction associated with amortization of permanent withdrawal fees and data center above- and below-market leases | 9,878 | 13,703 | 16,281 | ||||||||||||||
Stock-based compensation expense | 37,674 | 35,654 | 31,167 | ||||||||||||||
(Benefit) provision for deferred income taxes | (12,986) | (624) | (4,239) | ||||||||||||||
Loss on early extinguishment of debt | 68,300 | — | — | ||||||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment, net | (363,537) | (63,824) | (74,134) | ||||||||||||||
Foreign currency transactions and other, net | 78,437 | 29,838 | (16,395) | ||||||||||||||
(Increase) decrease in assets | (15,443) | 5,404 | (36,054) | ||||||||||||||
Increase (decrease) in liabilities | 149,793 | 3,352 | (2,829) | ||||||||||||||
Cash Flows from Operating Activities-Continuing Operations | 987,657 | 966,655 | 936,544 | ||||||||||||||
Cash Flows from Operating Activities-Discontinued Operations | — | — | (995) | ||||||||||||||
Cash Flows from Operating Activities | 987,657 | 966,655 | 935,549 | ||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Capital expenditures | (438,263) | (692,983) | (460,062) | ||||||||||||||
Cash paid for acquisitions, net of cash acquired | (118,581) | (58,237) | (1,758,557) | ||||||||||||||
Acquisition of customer relationships | (4,346) | (46,105) | (63,577) | ||||||||||||||
Customer inducements | (10,644) | (9,371) | (8,902) | ||||||||||||||
Contract fulfillment costs and third party commissions | (60,020) | (76,171) | (26,208) | ||||||||||||||
Net proceeds from divestments | — | — | 1,019 | ||||||||||||||
Investments in Joint Ventures and other investments | (18,250) | (19,222) | — | ||||||||||||||
Proceeds from sales of property and equipment and other, net (including real estate) | 564,664 | 166,143 | 86,159 | ||||||||||||||
Cash Flows from Investing Activities-Continuing Operations | (85,440) | (735,946) | (2,230,128) | ||||||||||||||
Cash Flows from Investing Activities-Discontinued Operations | — | 5,061 | 8,250 | ||||||||||||||
Cash Flows from Investing Activities | (85,440) | (730,885) | (2,221,878) | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Repayment of revolving credit facilities, term loan facilities and other debt | (8,604,394) | (14,535,115) | (14,192,139) | ||||||||||||||
Proceeds from revolving credit facilities, term loan facilities and other debt | 7,939,458 | 14,059,818 | 15,351,614 | ||||||||||||||
Early redemption of senior subordinated and senior notes, including call premiums | (2,942,554) | — | — | ||||||||||||||
Net proceeds from sales of senior notes | 3,465,000 | 987,500 | — | ||||||||||||||
Debt repayment and equity distribution to noncontrolling interests | (2,765) | (1,924) | (2,523) | ||||||||||||||
Parent cash dividends | (716,290) | (704,526) | (673,635) | ||||||||||||||
Net proceeds associated with the Equity Offering, including Over-Allotment Option | — | — | 76,192 | ||||||||||||||
Net proceeds associated with the At The Market (ATM) Program | — | — | 8,716 | ||||||||||||||
Net proceeds (payments) associated with employee stock-based awards | 321 | 1,027 | (1,142) | ||||||||||||||
Payment of debt financing and stock issuance costs and other | (25,475) | (5,753) | (16,405) | ||||||||||||||
Cash Flows from Financing Activities-Continuing Operations | (886,699) | (198,973) | 550,678 | ||||||||||||||
Cash Flows from Financing Activities-Discontinued Operations | — | — | — | ||||||||||||||
Cash Flows from Financing Activities | (886,699) | (198,973) | 550,678 | ||||||||||||||
Effect of Exchange Rates on Cash and Cash Equivalents | (4,010) | (8,727) | (24,563) | ||||||||||||||
Increase (decrease) in Cash and Cash Equivalents | 11,508 | 28,070 | (760,214) | ||||||||||||||
Cash and Cash Equivalents, including Restricted Cash, Beginning of Year | 193,555 | 165,485 | 925,699 | ||||||||||||||
Cash and Cash Equivalents, including Restricted Cash, End of Year | $ | 205,063 | $ | 193,555 | $ | 165,485 | |||||||||||
Supplemental Information: | |||||||||||||||||
Cash Paid for Interest | $ | 390,332 | $ | 394,984 | $ | 388,440 | |||||||||||
Cash Paid for Income Taxes, Net | $ | 43,468 | $ | 61,691 | $ | 64,493 | |||||||||||
Non-Cash Investing and Financing Activities: | |||||||||||||||||
Financing Leases | $ | 55,782 | $ | 32,742 | $ | 83,948 | |||||||||||
Accrued Capital Expenditures | $ | 91,528 | $ | 82,345 | $ | 84,143 | |||||||||||
Accrued Purchase Price and Other Holdbacks | $ | — | $ | 4,135 | $ | 35,218 | |||||||||||
Dividends Payable | $ | 187,867 | $ | 186,021 | $ | 181,986 | |||||||||||
IRON MOUNTAIN 2020 FORM 10-K |
70
|
71
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31,
|
BALANCE AT
BEGINNING OF
THE YEAR
|
CREDIT MEMOS
CHARGED TO
REVENUE
|
ALLOWANCE FOR
BAD DEBTS CHARGED
TO EXPENSE
|
DEDUCTIONS
AND OTHER(1)
|
BALANCE AT
END OF THE YEAR |
|||||||||||||||||||||||||||
2020 | $ | 42,856 | $ | 55,118 | $ | 34,411 | $ | (75,404) | $ | 56,981 | ||||||||||||||||||||||
2019 | 43,584 | 51,846 | 19,389 | (71,963) | 42,856 | |||||||||||||||||||||||||||
2018 | 46,648 | 36,329 | 18,625 | (58,018) | 43,584 |
IRON MOUNTAIN 2020 FORM 10-K |
72
|
DECEMBER 31, | ||||||||||||||
DESCRIPTION | 2020 | 2019 | ||||||||||||
Interest | $ | 131,448 | $ | 97,987 | ||||||||||
Sales tax and VAT payable | 131,780 | 115,352 | ||||||||||||
Dividends | 187,867 | 186,021 | ||||||||||||
Operating lease liabilities | 250,239 | 223,249 | ||||||||||||
Other | 444,954 | 339,143 | ||||||||||||
Accrued expenses | $ | 1,146,288 | $ | 961,752 | ||||||||||
DESCRIPTION | RANGE | ||||
Buildings and building improvements |
5 to 40
|
||||
Leasehold improvements |
5 to 10 or life of the lease (whichever is shorter)
|
||||
Racking |
1 to 20 or life of the lease (whichever is shorter)
|
||||
Warehouse equipment/vehicles |
1 to 10
|
||||
Furniture and fixtures |
1 to 10
|
||||
Computer hardware and software |
2 to 5
|
73
|
IRON MOUNTAIN 2020 FORM 10-K |
DECEMBER 31, | ||||||||||||||
DESCRIPTION | 2020 | 2019 | ||||||||||||
Land | $ | 354,395 | $ | 448,566 | ||||||||||
Buildings and building improvements | 3,040,253 | 3,029,309 | ||||||||||||
Leasehold improvements | 969,273 | 852,022 | ||||||||||||
Racking | 2,083,199 | 2,040,832 | ||||||||||||
Warehouse equipment/vehicles | 499,787 | 483,218 | ||||||||||||
Furniture and fixtures | 52,978 | 54,275 | ||||||||||||
Computer hardware and software | 746,993 | 689,261 | ||||||||||||
Construction in progress | 499,459 | 451,423 | ||||||||||||
Property, plant and equipment | $ | 8,246,337 | $ | 8,048,906 | ||||||||||
YEAR ENDED DECEMBER 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Capitalized interest | $ | 14,321 | $ | 15,980 | $ | 3,732 |
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Capitalized costs associated with the development of internal use computer software projects | $ | 38,329 | $ | 34,650 | $ | 29,407 |
IRON MOUNTAIN 2020 FORM 10-K |
74
|
DECEMBER 31, | ||||||||||||||
DESCRIPTION | 2020 | 2019 | ||||||||||||
Assets: | ||||||||||||||
Operating lease right-of-use assets(1)
|
$ | 2,196,502 | $ | 1,869,101 | ||||||||||
Financing lease right-of-use assets, net of accumulated depreciation(2)(3)
|
310,534 | 327,215 | ||||||||||||
Liabilities: | ||||||||||||||
Current | ||||||||||||||
Operating lease liabilities | $ | 250,239 | $ | 223,249 | ||||||||||
Financing lease liabilities(3)
|
43,149 | 46,582 | ||||||||||||
Long-term | ||||||||||||||
Operating lease liabilities | 2,044,598 | 1,728,686 | ||||||||||||
Financing lease liabilities(3)
|
323,162 | 320,600 |
75
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, | ||||||||||||||
DESCRIPTION | 2020 | 2019 | ||||||||||||
Operating lease cost(1)
|
$ | 499,464 | $ | 459,619 | ||||||||||
Financing lease cost: | ||||||||||||||
Depreciation of financing lease right-of-use assets | $ | 51,629 | $ | 59,258 | ||||||||||
Interest expense for financing lease liabilities | 19,942 | 21,031 |
DECEMBER 31, 2020 | DECEMBER 31, 2019 | ||||||||||||||||||||||
OPERATING LEASES | FINANCING LEASES | OPERATING LEASES | FINANCING LEASES | ||||||||||||||||||||
Remaining Lease Term | 11.1 years | 11.5 years | 11.0 years | 11.6 years | |||||||||||||||||||
Discount Rate | 6.9 | % | 5.9 | % | 7.1 | % | 5.7 | % |
YEAR |
OPERATING LEASES(1)
|
SUBLEASE INCOME |
FINANCING LEASES(1)
|
|||||||||||||||||
2021 | $ | 380,607 | $ | (6,208) | $ | 62,669 | ||||||||||||||
2022 | 362,970 | (5,752) | 54,499 | |||||||||||||||||
2023 | 334,893 | (5,222) | 45,557 | |||||||||||||||||
2024 | 307,039 | (3,771) | 38,051 | |||||||||||||||||
2025 | 281,487 | (1,661) | 32,261 | |||||||||||||||||
Thereafter | 1,687,706 | (6,229) | 268,542 | |||||||||||||||||
Total minimum lease payments | 3,354,702 | $ | (28,843) | 501,579 | ||||||||||||||||
Less amounts representing interest or imputed interest | (1,059,865) | (135,268) | ||||||||||||||||||
Present value of lease obligations | $ | 2,294,837 | $ | 366,311 |
IRON MOUNTAIN 2020 FORM 10-K |
76
|
YEAR ENDED DECEMBER 31, | ||||||||||||||
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: | 2020 | 2019 | ||||||||||||
Operating cash flows used in operating leases | $ | 360,088 | $ | 338,059 | ||||||||||
Operating cash flows used in financing leases (interest) | 19,942 | 21,031 | ||||||||||||
Financing cash flows used in financing leases | 47,829 | 58,033 | ||||||||||||
NON-CASH ITEMS: | ||||||||||||||
Operating lease modifications and reassessments | $ | 143,382 | $ | 108,023 | ||||||||||
New operating leases (including acquisitions and sale-leaseback transactions) | 370,011 | 170,464 | ||||||||||||
YEAR ENDED DECEMBER 31, | |||||||||||
2020 | 2019 | 2018 | |||||||||
Consolidated gain on disposal/write-down of property, plant and equipment, net | $ | 363,537 | $ | 63,824 | $ | 73,622 | |||||
The gains primarily consisted of: |
•Gains associated with sale-leaseback transactions of approximately $342,100, of which (i) approximately $265,600 relates to the sale-leaseback transactions of 14 facilities in the United States during the fourth quarter of 2020 and (ii) approximately $76,400 relates to the sale-leaseback transactions of two facilities in the United States during the third quarter of 2020, each as part of our program to monetize a small portion of our industrial real estate assets. The terms for these leases are consistent with the terms of our lease portfolio, which are disclosed in Note 2.i.
•Gains of approximately $24,100 associated with the Frankfurt JV Transaction (as defined in Note 3)
|
•Gains associated with sale and sale-leaseback transactions of approximately $67,800 in the United States
•The sale of certain land and buildings of approximately $36,000 in the United Kingdom
Partially offset by losses from:
•The impairment charge on the assets associated with the select offerings within our Iron Mountain Iron Cloud ("Iron Cloud") portfolio and loss on the subsequent sale of certain IT infrastructure assets and rights to certain hardware and maintenance contracts used to deliver these Iron Cloud offerings of approximately $25,000.
•The write-down of certain property, plant and equipment of approximately $15,700 in the United States.
|
•Gain on sale of real estate of approximately $63,800 in the United Kingdom
•Gains associated with the involuntary conversion of assets included in a facility that we own in Argentina partially destroyed in a fire in 2014, of approximately $8,800 during the fourth quarter of 2018
|
77
|
IRON MOUNTAIN 2020 FORM 10-K |
•North American Records and Information Management
•North American Data Management
•Fine Arts
•Entertainment Services
|
•Western Europe
•Northern/Eastern Europe and Middle East and India (“NEE and MEI”)
•Latin America
|
•Australia, New Zealand and South Africa (“ANZ SA”)
•Asia
•Global Data Center
|
||||||
We noted the following changes to our reporting units:
•our former North American Records and Information Management (excluding our technology escrow services business) and North American Data Management reporting units are now being managed as our “North America RIM” reporting unit;
•our former Western Europe and NEE and MEI reporting units (excluding India) and our business in Africa, which was previously managed as a component of our former ANZ SA reporting unit, is now being managed together as our “Europe RIM” reporting unit;
•our business in India, which was previously managed as a component of our former NEE and MEI reporting unit, is now being managed in conjunction with our businesses in Asia as our “Asia RIM” reporting unit;
•our former ANZ SA reporting unit will no longer include South Africa and will be referred to as our “Australia and New Zealand RIM” (“ANZ RIM”) reporting unit; and
•our technology escrow services business is now being managed separately as our “Technology Escrow Services” reporting unit.
|
||
IRON MOUNTAIN 2020 FORM 10-K |
78
|
SEGMENT | REPORTING UNIT | CARRYING VALUE AS OF DECEMBER 31, 2019 | ||||||
Global RIM (as defined in Note 10) Business | North America RIM | $ | 2,715,550 | |||||
Europe RIM | 572,482 | |||||||
Latin America RIM | 140,897 | |||||||
ANZ RIM | 274,913 | |||||||
Asia RIM | 239,059 | |||||||
Global Data Center Business | Global Data Center | 424,568 | ||||||
Corporate and Other Business | Fine Arts | 37,533 | ||||||
Entertainment Services | 34,102 | |||||||
Technology Escrow Services | 46,105 | |||||||
Total | $ | 4,485,209 |
•North America RIM
•Europe RIM
•Latin America RIM
|
•ANZ RIM
•Asia RIM
•Global Data Center
|
•Fine Arts
•Entertainment Services
•Technology Escrow Services
|
||||||
79
|
IRON MOUNTAIN 2020 FORM 10-K |
SEGMENT | REPORTING UNIT | CARRYING VALUE AS OF DECEMBER 31, 2020 | ||||||
Global RIM Business | North America RIM | $ | 2,719,182 | |||||
Europe RIM | 641,621 | |||||||
Latin America RIM | 117,834 | |||||||
ANZ RIM | 301,251 | |||||||
Asia RIM | 244,294 | |||||||
Global Data Center Business | Global Data Center | 436,987 | ||||||
Corporate and Other Business | Fine Arts | 15,176 | ||||||
Entertainment Services | 35,159 | |||||||
Technology Escrow Services | 46,105 | |||||||
Total | $ | 4,557,609 |
The Discounted Cash Flow Model incorporates significant assumptions including future revenue growth rates, operating margins, discount rates and capital expenditures.
|
The Market Approach requires us to make assumptions related to Adjusted EBITDA (as defined in Note 10) multiples.
|
||||
GLOBAL RIM
BUSINESS |
GLOBAL
DATA CENTER
BUSINESS
|
CORPORATE
AND OTHER
BUSINESS
|
TOTAL
CONSOLIDATED
|
||||||||||||||||||||
Goodwill balance, net of accumulated amortization, as of December 31, 2018 | $ | 3,899,210 | $ | 425,956 | $ | 115,864 | $ | 4,441,030 | |||||||||||||||
Tax deductible goodwill acquired during the year | 16,450 | — | — | 16,450 | |||||||||||||||||||
Non-tax deductible goodwill acquired during the year | 11,228 | — | 1,904 | 13,132 | |||||||||||||||||||
Fair value and other adjustments | 4,439 | 258 | (417) | 4,280 | |||||||||||||||||||
Currency effects | 11,574 | (1,646) | 389 | 10,317 | |||||||||||||||||||
Goodwill balance, net of accumulated amortization, as of December 31, 2019 | 3,942,901 | 424,568 | 117,740 | 4,485,209 | |||||||||||||||||||
Non-tax deductible goodwill acquired during the year | 54,258 | — | — | 54,258 | |||||||||||||||||||
Goodwill impairment | — | — | (23,000) | (23,000) | |||||||||||||||||||
Fair value and other adjustments | (3,815) | — | 403 | (3,412) | |||||||||||||||||||
Currency effects | 30,838 | 12,419 | 1,297 | 44,554 | |||||||||||||||||||
Goodwill balance, net of accumulated amortization, as of December 31, 2020 | $ | 4,024,182 | $ | 436,987 | $ | 96,440 | $ | 4,557,609 | |||||||||||||||
Accumulated Goodwill Impairment Balance as of December 31, 2019 | $ | 132,409 | $ | — | $ | 3,011 | $ | 135,420 | |||||||||||||||
Accumulated Goodwill Impairment Balance as of December 31, 2020 | $ | 132,409 | $ | — | $ | 26,011 | $ | 158,420 |
IRON MOUNTAIN 2020 FORM 10-K |
80
|
81
|
IRON MOUNTAIN 2020 FORM 10-K |
DECEMBER 31, 2020 | DECEMBER 31, 2019 | ||||||||||||||||||||||
DESCRIPTION | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | NET CARRYING AMOUNT | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | NET CARRYING AMOUNT | |||||||||||||||||
Assets: | |||||||||||||||||||||||
Customer relationship intangible assets(1)
|
$ | 1,852,700 | $ | (668,547) | $ | 1,184,153 | $ | 1,751,848 | $ | (544,721) | $ | 1,207,127 | |||||||||||
Customer inducements(1)
|
49,098 | (26,923) | 22,175 | 52,718 | (29,397) | 23,321 | |||||||||||||||||
Data center lease-based intangible assets(1)(2)
|
269,988 | (149,339) | 120,649 | 265,945 | (103,210) | 162,735 | |||||||||||||||||
Third-party commissions asset(3)
|
34,317 | (8,761) | 25,556 | 31,708 | (4,134) | 27,574 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Data center below-market leases(4)
|
$ | 12,854 | $ | (5,943) | $ | 6,911 | $ | 12,750 | $ | (3,937) | $ | 8,813 |
YEAR ENDED DECEMBER 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Amortization expense included in depreciation and amortization associated with: | ||||||||||||||||||||
Customer relationship intangible assets | $ | 117,514 | $ | 117,972 | $ | 113,782 | ||||||||||||||
Data center in-place leases and tenant relationships | 42,637 | 46,696 | 43,061 | |||||||||||||||||
Third-party commissions asset and other finite-lived intangible assets | 7,004 | 7,957 | 5,713 | |||||||||||||||||
Revenue reduction associated with amortization of: | ||||||||||||||||||||
Customer inducements and data center above-market and below-market leases | $ | 9,878 | $ | 13,703 | $ | 16,281 |
ESTIMATED AMORTIZATION | ||||||||||||||
YEAR |
INCLUDED IN DEPRECIATION
AND AMORTIZATION |
REVENUE REDUCTION ASSOCIATED WITH CUSTOMER INDUCEMENTS
AND DATA CENTER ABOVE-MARKET AND BELOW-MARKET LEASES |
||||||||||||
2021 | $ | 168,756 | $ | 7,603 | ||||||||||
2022 | 139,983 | 5,010 | ||||||||||||
2023 | 135,262 | 3,084 | ||||||||||||
2024 | 130,298 | 1,453 | ||||||||||||
2025 | 127,771 | 508 | ||||||||||||
Thereafter | 625,052 | 842 |
IRON MOUNTAIN 2020 FORM 10-K |
82
|
83
|
IRON MOUNTAIN 2020 FORM 10-K |
FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2020 USING | ||||||||||||||||||||||||||
DESCRIPTION
|
TOTAL CARRYING
VALUE AT DECEMBER 31, 2020 |
QUOTED PRICES IN
ACTIVE MARKETS (LEVEL 1) |
SIGNIFICANT OTHER
OBSERVABLE INPUTS (LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS (LEVEL 3) |
||||||||||||||||||||||
Money Market Funds(1)
|
$ | 62,657 | $ | — | $ | 62,657 | $ | — | ||||||||||||||||||
Time Deposits(1)
|
2,121 | — | 2,121 | — | ||||||||||||||||||||||
Trading Securities | 10,892 | 10,636 |
(2)
|
256 |
(3)
|
— | ||||||||||||||||||||
Derivative Liabilities(4)
|
49,703 | — | 49,703 | — |
FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2019 USING | ||||||||||||||||||||||||||
DESCRIPTION |
TOTAL CARRYING
VALUE AT DECEMBER 31, 2019 |
QUOTED PRICES IN
ACTIVE MARKETS (LEVEL 1) |
SIGNIFICANT OTHER
OBSERVABLE INPUTS (LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS (LEVEL 3) |
||||||||||||||||||||||
Money Market Funds(1)
|
$ | 13,653 | $ | — | $ | 13,653 | $ | — | ||||||||||||||||||
Trading Securities | 10,732 | 10,168 |
(2)
|
564 |
(3)
|
— | ||||||||||||||||||||
Derivative Liabilities(4)
|
9,756 | — | 9,756 | — |
IRON MOUNTAIN 2020 FORM 10-K |
84
|
85
|
IRON MOUNTAIN 2020 FORM 10-K |
FOREIGN CURRENCY
TRANSLATION AND
OTHER ADJUSTMENTS
|
CHANGE IN FAIR
VALUE OF DERIVATIVE
INSTRUMENTS
|
TOTAL | |||||||||||||||
Balance as of December 31, 2017 | $ | (103,989) | $ | — | $ | (103,989) | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||
Foreign currency translation and other adjustments | (160,702) | — | (160,702) | ||||||||||||||
Change in fair value of derivative instruments | — | (973) | (973) | ||||||||||||||
Total other comprehensive (loss) income | (160,702) | (973) | (161,675) | ||||||||||||||
Balance as of December 31, 2018 | (264,691) | (973) | (265,664) | ||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation and other adjustments | 11,866 | — | 11,866 | ||||||||||||||
Change in fair value of derivative instruments | — | (8,783) | (8,783) | ||||||||||||||
Total other comprehensive income (loss) | 11,866 | (8,783) | 3,083 | ||||||||||||||
Balance as of December 31, 2019 | (252,825) | (9,756) | (262,581) | ||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation and other adjustments | 46,635 | — | 46,635 | ||||||||||||||
Change in fair value of derivative instruments | — | (39,947) | (39,947) | ||||||||||||||
Total other comprehensive income (loss) | 46,635 | (39,947) | 6,688 | ||||||||||||||
Balance as of December 31, 2020 | $ | (206,190) | $ | (49,703) | $ | (255,893) |
IRON MOUNTAIN 2020 FORM 10-K |
86
|
87
|
IRON MOUNTAIN 2020 FORM 10-K |
DECEMBER 31, 2020 | DECEMBER 31, 2019 | |||||||||||||||||||||||||||||||||||||
DESCRIPTION |
GROSS
CARRYING AMOUNT |
ACCUMULATED
AMORTIZATION |
NET
CARRYING AMOUNT |
GROSS
CARRYING AMOUNT |
ACCUMULATED
AMORTIZATION |
NET
CARRY ING AMOUNT |
||||||||||||||||||||||||||||||||
Intake Costs asset | $ | 63,721 | $ | (33,352) | $ | 30,369 | $ | 41,224 | $ | (23,579) | $ | 17,645 | ||||||||||||||||||||||||||
Commissions asset | 91,069 | (38,787) | 52,282 | 68,008 | (27,178) | 40,830 |
YEAR ENDED DECEMBER 31, | ||||||||||||||||||||
DESCRIPTION | 2020 | 2019 | 2018 | |||||||||||||||||
Intake Costs asset | $ | 13,300 | $ | 10,144 | $ | 10,380 | ||||||||||||||
Commissions asset | 24,052 | 19,109 | 13,838 |
YEAR |
ESTIMATED AMORTIZATION
|
|||||||
2021 | $ | 38,954 | ||||||
2022 | 24,861 | |||||||
2023 | 18,836 |
DECEMBER 31, | ||||||||||||||||||||
DESCRIPTION | LOCATION IN BALANCE SHEET | 2020 | 2019 | |||||||||||||||||
Deferred revenue - Current | Deferred revenue | $ | 295,785 | $ | 274,036 | |||||||||||||||
Deferred revenue - Long-term | Other Long-term Liabilities | 35,612 | 36,029 |
IRON MOUNTAIN 2020 FORM 10-K |
88
|
YEAR ENDED DECEMBER 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Storage rental revenue(1)
|
$ | 263,695 | $ | 246,925 | $ | 218,675 |
YEAR | FUTURE MINIMUM LEASE PAYMENTS | |||||||
2021 | $ | 225,554 | ||||||
2022 | 183,027 | |||||||
2023 | 142,787 | |||||||
2024 | 111,106 | |||||||
2025 | 77,308 |
89
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Stock-based compensation expense | $ | 37,674 | $ | 35,654 | $ | 31,167 | |||||||||||
Stock-based compensation expense, after tax | 36,584 | 33,103 | 28,998 | ||||||||||||||
IRON MOUNTAIN 2020 FORM 10-K |
90
|
OPTIONS |
WEIGHTED
AVERAGE EXERCISE PRICE |
WEIGHTED AVERAGE
REMAINING CONTRACTUAL TERM (YEARS) |
AGGREGATE
INTRINSIC VALUE |
||||||||||||||||||||
Outstanding at December 31, 2019 | 4,835,721 | $ | 35.64 | ||||||||||||||||||||
Granted | 589,993 | 33.32 | |||||||||||||||||||||
Exercised | (204,540) | 24.38 | |||||||||||||||||||||
Forfeited | (151,230) | 35.36 | |||||||||||||||||||||
Expired | (337,425) | 35.82 | |||||||||||||||||||||
Outstanding at December 31, 2020 | 4,732,519 | $ | 35.83 | 6.27 | $ | 469 | |||||||||||||||||
Options exercisable at December 31, 2020 | 3,439,748 | $ | 36.40 | 5.46 | $ | 469 | |||||||||||||||||
Options expected to vest | 1,266,640 | $ | 34.28 | 8.41 | $ | — |
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Fair value of RSUs vested | $ | 26,492 | $ | 21,191 | $ | 20,454 |
RSUs |
WEIGHTED-AVERAGE
GRANT-DATE FAIR VALUE |
||||||||||
Non-vested at December 31, 2019 | 1,203,599 | $ | 34.71 | ||||||||
Granted | 1,078,124 | 31.68 | |||||||||
Vested | (792,083) | 33.45 | |||||||||
Forfeited | (195,634) | 34.28 | |||||||||
Non-vested at December 31, 2020 | 1,294,006 | $ | 33.02 |
91
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Fair value of earned PUs that vested | $ | 11,812 | $ | 6,503 | $ | 3,117 |
ORIGINAL
PU AWARDS |
PU
ADJUSTMENT(1)
|
TOTAL PU
AWARDS |
WEIGHTED-AVERAGE
GRANT-DATE FAIR VALUE |
||||||||||||||||||||
Non-vested at December 31, 2019 | 1,113,691 | (314,798) | 798,893 | $ | 36.56 | ||||||||||||||||||
Granted | 425,777 | — | 425,777 | 34.85 | |||||||||||||||||||
Vested | (316,730) | — | (316,730) | 37.29 | |||||||||||||||||||
Forfeited/Performance or Market Conditions Not Achieved | (149,529) | (4,710) | (154,239) | 28.28 | |||||||||||||||||||
Non-vested at December 31, 2020 | 1,073,209 | (319,508) | 753,701 | $ | 36.98 |
IRON MOUNTAIN 2020 FORM 10-K |
92
|
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Foreign currency transaction losses (gains), net(1)
|
$ | 29,830 | $ | 24,852 | $ | (15,567) | |||||||||||
Debt extinguishment expense | 68,300 | — | — | ||||||||||||||
Other, net(2)
|
45,415 | 9,046 | 3,875 | ||||||||||||||
Other Expense (Income), Net | $ | 143,545 | $ | 33,898 | $ | (11,692) |
93
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Income (loss) from continuing operations | $ | 343,096 | $ | 268,211 | $ | 367,558 | |||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 403 | 938 | 1,198 | ||||||||||||||
Income (loss) from continuing operations (utilized in numerator of Earnings Per Share calculation) | 342,693 | 267,273 | 366,360 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | — | 104 | (12,427) | ||||||||||||||
Net income (loss) attributable to Iron Mountain Incorporated | $ | 342,693 | $ | 267,377 | $ | 353,933 | |||||||||||
Weighted-average shares—basic | 288,183,000 | 286,971,000 | 285,913,000 | ||||||||||||||
Effect of dilutive potential stock options | 24,903 | 145,509 | 234,558 | ||||||||||||||
Effect of dilutive potential RSUs and PUs | 435,287 | 570,435 | 505,030 | ||||||||||||||
Weighted-average shares—diluted | 288,643,190 | 287,686,944 | 286,652,588 | ||||||||||||||
Earnings (losses) per share—basic: | |||||||||||||||||
Income (loss) from continuing operations | $ | 1.19 | $ | 0.93 | $ | 1.28 | |||||||||||
(Loss) income from discontinued operations, net of tax | — | — | (0.04) | ||||||||||||||
Net income (loss) attributable to Iron Mountain Incorporated(1)
|
$ | 1.19 | $ | 0.93 | $ | 1.24 | |||||||||||
Earnings (losses) per share—diluted: | |||||||||||||||||
Income (loss) from continuing operations | $ | 1.19 | $ | 0.93 | $ | 1.28 | |||||||||||
(Loss) income from discontinued operations, net of tax | — | — | (0.04) | ||||||||||||||
Net income (loss) attributable to Iron Mountain Incorporated(1)
|
$ | 1.19 | $ | 0.93 | $ | 1.23 | |||||||||||
Antidilutive stock options, RSUs and PUs, excluded from the calculation | 5,663,981 | 4,475,745 | 3,258,078 |
IRON MOUNTAIN 2020 FORM 10-K |
94
|
95
|
IRON MOUNTAIN 2020 FORM 10-K |
IRON MOUNTAIN 2020 FORM 10-K |
96
|
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
TOTAL | TOTAL |
IODC
TRANSACTION |
OTHER FISCAL
YEAR 2018 ACQUISITIONS |
TOTAL | ||||||||||||||||||||||||||||
Cash Paid (gross of cash acquired)(1)
|
$ | 124,614 | $ | 53,230 | $ | 1,347,046 | $ | 432,078 | $ | 1,779,124 | ||||||||||||||||||||||
Purchase Price Holdbacks and Other(2)
|
— | 4,135 | — | 35,218 | 35,218 | |||||||||||||||||||||||||||
Fair Value of Investments Applied to Acquisitions | 27,276 | — | — | — | — | |||||||||||||||||||||||||||
Total Consideration | 151,890 | 57,365 | 1,347,046 | 467,296 | 1,814,342 | |||||||||||||||||||||||||||
Fair Value of Identifiable Assets Acquired: | ||||||||||||||||||||||||||||||||
Cash | 6,545 | 2,260 | 34,307 | 10,227 | 44,534 | |||||||||||||||||||||||||||
Accounts Receivable, Prepaid Expenses and Other Assets
|
16,559 | 3,102 | 7,070 | 17,662 | 24,732 | |||||||||||||||||||||||||||
Property, Plant and Equipment(3)
|
52,021 | 5,396 | 863,027 | 225,848 | 1,088,875 | |||||||||||||||||||||||||||
Customer Relationship Intangible Assets(4)
|
79,065 | 22,071 | — | 44,622 | 44,622 | |||||||||||||||||||||||||||
Operating Lease Right-of-Use Assets
|
100,040 | 16,956 | — | — | — | |||||||||||||||||||||||||||
Data Center In-Place Leases(5)
|
— | — | 104,340 | 36,130 | 140,470 | |||||||||||||||||||||||||||
Data Center Tenant Relationships(6)
|
— | — | 77,362 | 18,410 | 95,772 | |||||||||||||||||||||||||||
Data Center Above-Market Leases(7)
|
— | — | 16,439 | 2,381 | 18,820 | |||||||||||||||||||||||||||
Debt Assumed
|
(27,363) | — | — | (12,312) | (12,312) | |||||||||||||||||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities
|
(19,564) | (3,233) | (36,230) | (17,206) | (53,436) | |||||||||||||||||||||||||||
Operating Lease Liabilities
|
(100,040) | (16,956) | — | — | — | |||||||||||||||||||||||||||
Deferred Income Taxes
|
(9,631) | (1,813) | — | (43,218) | (43,218) | |||||||||||||||||||||||||||
Data Center Below-Market Leases(7)
|
— | — | (11,421) | (694) | (12,115) | |||||||||||||||||||||||||||
Total Fair Value of Identifiable Net Assets Acquired
|
97,632 | 27,783 | 1,054,894 | 281,850 | 1,336,744 | |||||||||||||||||||||||||||
Goodwill Initially Recorded(8)
|
$ | 54,258 | $ | 29,582 | $ | 292,152 | $ | 185,446 | $ | 477,598 |
97
|
IRON MOUNTAIN 2020 FORM 10-K |
IRON MOUNTAIN 2020 FORM 10-K |
98
|
99
|
IRON MOUNTAIN 2020 FORM 10-K |
DERIVATIVE INSTRUMENT(1)
|
DECEMBER 31, 2020 | DECEMBER 31, 2019 | ||||||||||||
Cash Flow Hedges(2)
|
||||||||||||||
Interest Rate Swap Agreements | $ | (21,062) | $ | (8,774) | ||||||||||
Net Investment Hedges(3)
|
||||||||||||||
August 2023 Cross Currency Swap Agreements | (8,229) | (982) | ||||||||||||
February 2026 Cross Currency Swap Agreements | (20,412) | — |
IRON MOUNTAIN 2020 FORM 10-K |
100
|
YEAR ENDED DECEMBER 31, | ||||||||||||||||||||
DERIVATIVE INSTRUMENT | 2020 | 2019 | 2018 | |||||||||||||||||
Derivative Instruments Designated as Hedging Instruments(1)
|
||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||
Interest Rate Swap Agreements | $ | 12,288 | $ | 7,801 | $ | 973 | ||||||||||||||
Net Investment Hedges | ||||||||||||||||||||
August 2023 Cross Currency Swap Agreements | 7,247 | 982 | — | |||||||||||||||||
February 2026 Cross Currency Swap Agreements | 20,412 | — | — | |||||||||||||||||
Derivative Instruments Not Designated as Hedging Instruments(2)
|
||||||||||||||||||||
Foreign Exchange Currency Forward Contracts | — | 737 | 4,954 |
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Foreign exchange losses (gains) associated with net investment hedge | $ | 17,005 | $ | 6,003 | $ | 11,070 | |||||||||||
101
|
IRON MOUNTAIN 2020 FORM 10-K |
DECEMBER 31, 2020 | DECEMBER 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT (INCLUSIVE OF DISCOUNT) | UNAMORTIZED DEFERRED FINANCING COSTS | CARRYING AMOUNT |
FAIR
VALUE |
DEBT (INCLUSIVE OF DISCOUNT) | UNAMORTIZED DEFERRED FINANCING COSTS | CARRYING AMOUNT |
FAIR
VALUE |
||||||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility(1)
|
$ | — | $ | (8,620) | $ | (8,620) | $ | — | $ | 348,808 | $ | (12,053) | $ | 336,755 | $ | 348,808 | |||||||||||||||||||||||||||||||||||||
Term Loan A(1)
|
215,625 | — | 215,625 | 215,625 | 228,125 | — | 228,125 | 228,125 | |||||||||||||||||||||||||||||||||||||||||||||
Term Loan B(1)(2)
|
679,621 | (6,244) | 673,377 | 680,750 | 686,395 | (7,493) | 678,902 | 686,890 | |||||||||||||||||||||||||||||||||||||||||||||
Australian Dollar Term Loan (the “AUD Term Loan”)(3)(4)
|
243,152 | (1,624) | 241,528 | 244,014 | 226,924 | (2,313) | 224,611 | 228,156 | |||||||||||||||||||||||||||||||||||||||||||||
UK Bilateral Revolving Credit Facility(4)
|
191,101 | (1,307) | 189,794 | 191,101 | 184,601 | (1,801) | 182,800 | 184,601 | |||||||||||||||||||||||||||||||||||||||||||||
43/8% Senior Notes due 2021 (the “43/8% Notes”)(5)(6)(7)
|
— | — | — | — | 500,000 | (2,436) | 497,564 | 503,450 | |||||||||||||||||||||||||||||||||||||||||||||
6% Senior Notes due 2023 (the “6% Notes”)(5)(6)
|
— | — | — | — | 600,000 | (4,027) | 595,973 | 613,500 | |||||||||||||||||||||||||||||||||||||||||||||
53/8% CAD Senior Notes due 2023 (the “CAD Notes”)(5)(7)(8)
|
— | — | — | — | 192,058 | (2,071) | 189,987 | 199,380 | |||||||||||||||||||||||||||||||||||||||||||||
53/4% Senior Subordinated Notes due 2024 (the “53/4% Notes”)(5)(6)
|
— | — | — | — | 1,000,000 | (6,409) | 993,591 | 1,010,625 | |||||||||||||||||||||||||||||||||||||||||||||
3% Euro Senior Notes due 2025 (the “Euro Notes”)(5)(6)(7)
|
— | — | — | — | 336,468 | (3,462) | 333,006 | 345,660 | |||||||||||||||||||||||||||||||||||||||||||||
37/8% GBP Senior Notes due 2025 (the “GBP Notes “)(5)(7)(9)
|
546,003 | (4,983) | 541,020 | 553,101 | 527,432 | (5,809) | 521,623 | 539,892 | |||||||||||||||||||||||||||||||||||||||||||||
53/8% Senior Notes due 2026 (the “53/8% Notes”)(5)(7)(10)
|
— | — | — | — | 250,000 | (2,756) | 247,244 | 261,641 | |||||||||||||||||||||||||||||||||||||||||||||
47/8% Senior Notes due 2027 (the “47/8% Notes due 2027”)(5)(6)(7)
|
1,000,000 | (9,598) | 990,402 | 1,046,250 | 1,000,000 | (11,020) | 988,980 | 1,029,475 | |||||||||||||||||||||||||||||||||||||||||||||
51/4% Senior Notes due 2028 (the “51/4% Notes due 2028”)(5)(6)(7)
|
825,000 | (8,561) | 816,439 | 868,313 | 825,000 | (9,742) | 815,258 | 859,598 | |||||||||||||||||||||||||||||||||||||||||||||
5% Senior Notes due 2028 (the “5% Notes”)(5)(6)(7)
|
500,000 | (5,486) | 494,514 | 523,125 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
47/8% Senior Notes due 2029 (the “47/8% Notes due 2029”)(5)(6)(7)
|
1,000,000 | (12,658) | 987,342 | 1,050,000 | 1,000,000 | (14,104) | 985,896 | 1,015,640 | |||||||||||||||||||||||||||||||||||||||||||||
51/4% Senior Notes due 2030 (the “51/4% Notes due 2030”)(5)(6)(7)
|
1,300,000 | (14,416) | 1,285,584 | 1,400,750 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
41/2% Senior Notes due 2031 (the “41/2% Notes”)(5)(6)(7)
|
1,100,000 | (12,648) | 1,087,352 | 1,138,500 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
55/8% Senior Notes due 2032 (the “55/8% Notes”)(5)(6)(7)
|
600,000 | (6,727) | 593,273 | 660,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Real Estate Mortgages, Financing Lease Liabilities and Other(11)
|
511,922 | (1,086) | 510,836 | 511,922 | 573,671 | (1,388) | 572,283 | 623,671 | |||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable Securitization Program(12)
|
85,000 | (152) | 84,848 | 85,000 | 272,062 | (81) | 271,981 | 272,062 | |||||||||||||||||||||||||||||||||||||||||||||
Total Long-term Debt | 8,797,424 | (94,110) | 8,703,314 | 8,751,544 | (86,965) | 8,664,579 | |||||||||||||||||||||||||||||||||||||||||||||||
Less Current Portion | (193,759) | — | (193,759) | (389,013) | — | (389,013) | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Net of Current Portion | $ | 8,603,665 | $ | (94,110) | $ | 8,509,555 | $ | 8,362,531 | $ | (86,965) | $ | 8,275,566 |
IRON MOUNTAIN 2020 FORM 10-K |
102
|
DECEMBER 31, 2020 | DECEMBER 31, 2019 | ||||||||||
Real estate mortgages(i)
|
$ | 71,673 | $ | 77,036 | |||||||
Financing lease liabilities(ii)
|
366,311 | 367,182 | |||||||||
Other notes and other obligations(iii)
|
73,938 | 129,453 | |||||||||
$ | 511,922 | $ | 573,671 |
103
|
IRON MOUNTAIN 2020 FORM 10-K |
REVOLVING CREDIT FACILITY
$1,750,000
|
TERM LOAN A
$250,000
|
TERM LOAN B
$700,000
|
||||||||||||||||||
Outstanding borrowings
$0
|
Aggregate outstanding principal amount
$215,625
|
Aggregate outstanding principal amount
$679,621
|
||||||||||||||||||
N/A
Interest rate
|
1.9%
Interest rate
|
1.9%
Interest rate
|
||||||||||||||||||
As of December 31, 2020 | As of December 31, 2020 | As of December 31, 2020 |
IRON MOUNTAIN 2020 FORM 10-K |
104
|
SENIOR NOTES |
AGGREGATE
PRINCIPAL AMOUNT |
DIRECT
OBLIGOR |
MATURITY DATE | CONTRACTUAL INTEREST RATE | INTEREST PAYMENTS DUE |
PAR CALL DATE(1)
|
||||||||||||||||||||||||||||||||
GBP Notes | £ | 400,000 |
IM UK
|
November 15, 2025 |
37/8%
|
May 15 and November 15 | November 15, 2022 | |||||||||||||||||||||||||||||||
47/8% Notes due 2027
|
$ | 1,000,000 |
IMI
|
September 15, 2027 |
47/8%
|
March 15 and September 15 | September 15, 2025 | |||||||||||||||||||||||||||||||
51/4% Notes due 2028
|
$ | 825,000 |
IMI
|
March 15, 2028 |
51/4%
|
March 15 and September 15 | March 15, 2025 | |||||||||||||||||||||||||||||||
5% Notes | $ | 500,000 |
IMI
|
July 15, 2028 |
5%
|
January 15 and July 15 | July 15, 2025 | |||||||||||||||||||||||||||||||
47/8% Notes due 2029
|
$ | 1,000,000 |
IMI
|
September 15, 2029 |
47/8%
|
March 15 and September 15 | September 15, 2027 | |||||||||||||||||||||||||||||||
51/4% Notes due 2030
|
$ | 1,300,000 |
IMI
|
July 15, 2030 |
51/4%
|
January 15 and July 15 | July 15, 2028 | |||||||||||||||||||||||||||||||
41/2% Notes
|
$ | 1,100,000 |
IMI
|
February 15, 2031 |
41/2%
|
February 15 and August 15 | February 15, 2029 | |||||||||||||||||||||||||||||||
55/8% Notes
|
$ | 600,000 |
IMI
|
July 15, 2032 |
55/8%
|
January 15 and July 15 | July 15, 2029 |
SERIES OF NOTES | AGGREGATE PRINCIPAL AMOUNT | ||||
5% Notes | $ | 500,000 | |||
51/4% Notes due 2030
|
1,300,000 | ||||
55/8% Notes
|
600,000 |
105
|
IRON MOUNTAIN 2020 FORM 10-K |
SERIES OF NOTES | AGGREGATE PRINCIPAL AMOUNT | ||||
41/2% Notes
|
$ | 1,100,000 |
As of December 31, 2020, we had 316,563 Australian dollars ($244,014 based upon the exchange rate between the United States dollar and the Australian dollar as of December 31, 2020) outstanding on the AUD Term Loan. As of December 31, 2019, we had 325,313 Australian dollars ($228,156 based upon the exchange rate between the United States dollar and the Australian dollar as of December 31, 2019) outstanding on the AUD Term Loan. The interest rate in effect under the AUD Term Loan was 3.9% and 4.8% as of December 31, 2020 and 2019, respectively.
|
OUTSTANDING BORROWINGS
AU$244,014
|
||||||||||||||||
3.9%
Interest Rate
|
|||||||||||||||||
As of December 31, 2020 |
IRON MOUNTAIN 2020 FORM 10-K |
106
|
IM UK and Iron Mountain (UK) Data Centre Limited has a 140,000 British pounds sterling Revolving Credit Facility (the “UK Bilateral Facility”) with Barclays Bank PLC. The maximum amount permitted to be borrowed under the UK Bilateral Facility is 140,000 British pounds sterling, and we have the option to request additional commitments of up to 125,000 British pounds sterling, subject to the conditions specified in the UK Bilateral Facility. The UK Bilateral Facility is fully drawn. The UK Bilateral Facility is secured by certain properties in the United Kingdom. IMI and the Guarantors guarantee all obligations under the UK Bilateral Facility. The UK Bilateral Facility is scheduled to mature on September 23, 2022, at which point all obligations become due. The UK Bilateral Facility contains an option to extend the maturity date for an additional year, subject to the conditions specified in the UK Bilateral Facility, including the lender’s consent. The UK Bilateral Facility bears interest at a rate of LIBOR plus 2.25%. The interest rate in effect under the UK Bilateral Facility was 2.3% and 3.1% as of December 31, 2020 and 2019, respectively.
|
MAXIMUM AMOUNT
£140,000
OPTIONAL ADDITIONAL COMMITMENTS
£125,000
|
||||||||||||||||
2.3%
Interest Rate
|
|||||||||||||||||
As of December 31, 2020 | |||||||||||||||||
On March 31, 2020, we amended the Accounts Receivable Securitization Program to (i) increase the maximum amount available from $275,000 to $300,000 and (ii) extend the maturity date from July 30, 2020 to July 30, 2021, at which point all obligations become due. The full amount outstanding under the Accounts Receivable Securitization Program is classified within the current portion of long-term debt in our Consolidated Balance Sheet as of December 31, 2020 and 2019. As of December 31, 2020, the maximum availability allowed and amount outstanding under the Accounts Receivable Securitization Program was $274,100 and $85,000, respectively. At December 31, 2019, both the maximum availability and amount outstanding under the Accounts Receivable Securitization Program was $272,062. The interest rate in effect under the Accounts Receivable Securitization Program was 1.1% and 2.8% as of December 31, 2020 and 2019, respectively. Commitment fees at a rate of 40 basis points are charged on amounts made available but not borrowed under the Accounts Receivable Securitization Program.
|
MAXIMUM AMOUNT
$300,000
|
||||||||||
MAXIMUM AVAILABILITY ALLOWED
$274,100
|
|||||||||||
OUTSTANDING BORROWINGS
$85,000
1.1%
Interest rate
|
|||||||||||
As of December 31, 2020 |
107
|
IRON MOUNTAIN 2020 FORM 10-K |
DECEMBER 31, 2020 | DECEMBER 31, 2019 | ||||||||||||||||||||||||||||||||||
GROSS CASH POSITION | OUTSTANDING DEBIT BALANCES | NET CASH POSITION | GROSS CASH POSITION | OUTSTANDING DEBIT BALANCES | NET CASH POSITION | ||||||||||||||||||||||||||||||
QRS Cash Pool | $ | 448,700 | $ | (447,400) | $ | 1,300 | $ | 372,100 | $ | (369,000) | $ | 3,100 | |||||||||||||||||||||||
TRS Cash Pool | 555,500 | (553,500) | 2,000 | 319,800 | (301,300) | 18,500 |
IRON MOUNTAIN 2020 FORM 10-K |
108
|
YEAR | AMOUNT | |||||||
2021 | $ | 193,759 | ||||||
2022 | 536,811 | |||||||
2023 | 232,264 | |||||||
2024 | 45,680 | |||||||
2025 | 569,005 | |||||||
Thereafter | 7,221,896 | |||||||
8,799,415 | ||||||||
Net Discounts | (1,991) | |||||||
Net Deferred Financing Costs | (94,110) | |||||||
Total Long-term Debt (including current portion) | $ | 8,703,314 |
YEAR |
PURCHASE COMMITMENTS(1)
|
|||||||
2021 | $ | 189,855 | ||||||
2022 | 45,339 | |||||||
2023 | 31,507 | |||||||
2024 | 28,269 | |||||||
2025 | 25,554 | |||||||
Thereafter | 322 | |||||||
$ | 320,846 |
109
|
IRON MOUNTAIN 2020 FORM 10-K |
DECLARATION DATE |
DIVIDEND
PER SHARE |
RECORD DATE | TOTAL AMOUNT | PAYMENT DATE | ||||||||||||||||||||||
February 14, 2018 | $ | 0.5875 | March 15, 2018 | $ | 167,969 | April 2, 2018 | ||||||||||||||||||||
May 24, 2018 | 0.5875 | June 15, 2018 | 168,078 | July 2, 2018 | ||||||||||||||||||||||
July 24, 2018 | 0.5875 | September 17, 2018 | 168,148 | October 2, 2018 | ||||||||||||||||||||||
October 25, 2018 | 0.6110 | December 17, 2018 | 174,935 | January 3, 2019 | ||||||||||||||||||||||
February 7, 2019 | 0.6110 | March 15, 2019 | 175,242 | April 2, 2019 | ||||||||||||||||||||||
May 22, 2019 | 0.6110 | June 17, 2019 | 175,389 | July 2, 2019 | ||||||||||||||||||||||
July 26, 2019 | 0.6110 | September 16, 2019 | 175,434 | October 2, 2019 | ||||||||||||||||||||||
October 31, 2019 | 0.6185 | December 16, 2019 | 177,687 | January 2, 2020 | ||||||||||||||||||||||
February 13, 2020 | 0.6185 | March 16, 2020 | 178,047 | April 6, 2020 | ||||||||||||||||||||||
May 5, 2020 | 0.6185 | June 15, 2020 | 178,212 | July 2, 2020 | ||||||||||||||||||||||
August 5, 2020 | 0.6185 | September 15, 2020 | 178,224 | October 2, 2020 | ||||||||||||||||||||||
November 4, 2020 | 0.6185 | December 15, 2020 | 178,290 | January 6, 2021 |
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Declared distributions | $ | 712,773 | $ | 703,752 | $ | 679,130 | |||||||||||
Amount per share each distribution represents based on weighted average number of common shares outstanding | 2.47 | 2.45 | 2.38 |
IRON MOUNTAIN 2020 FORM 10-K |
110
|
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Nonqualified ordinary dividends | 43.0 | % | 54.8 | % | 83.0 | % | |||||||||||
Qualified ordinary dividends | — | % | 4.5 | % | 4.8 | % | |||||||||||
Capital gains | 49.5 | % | 14.7 | % | 5.8 | % | |||||||||||
Return of capital | 7.5 | % | 26.0 | % | 6.4 | % | |||||||||||
100.0 | % | 100.0 | % | 100.0 | % |
111
|
IRON MOUNTAIN 2020 FORM 10-K |
DECEMBER 31, | |||||||||||
2020 | 2019 | ||||||||||
Noncurrent deferred tax assets (Included in Other, a component of Other assets, net) | $ | 25,018 | $ | 16,538 | |||||||
Deferred income taxes | (198,377) | (188,128) |
IRON MOUNTAIN 2020 FORM 10-K |
112
|
YEAR ENDED DECEMBER 31, |
BALANCE AT BEGINNING OF
THE YEAR |
CHARGED
(CREDITED) TO EXPENSE |
OTHER
INCREASES/
(DECREASES)(1)
|
BALANCE
AT END OF THE YEAR |
||||||||||||||||||||||
2020 | $ | 60,003 | $ | (8,337) | $ | (4,728) | $ | 46,938 | ||||||||||||||||||
2019 | 55,666 | 6,211 | (1,874) | 60,003 | ||||||||||||||||||||||
2018 | 61,756 | 3,568 | (9,658) | 55,666 |
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
United States | $ | 276,145 | $ | 203,225 | $ | 203,078 | |||||||||||
Canada | 52,332 | 48,326 | 53,779 | ||||||||||||||
Other Foreign | 44,228 | 76,591 | 153,454 | ||||||||||||||
$ | 372,705 | $ | 328,142 | $ | 410,311 |
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Federal—current | $ | (10,424) | $ | 7,262 | $ | 703 | |||||||||||
Federal—deferred | 8,834 | (3,356) | (4,162) | ||||||||||||||
State—current | 2,956 | 3,943 | 918 | ||||||||||||||
State—deferred | (625) | (1,126) | 627 | ||||||||||||||
Foreign—current | 50,063 | 49,350 | 45,371 | ||||||||||||||
Foreign—deferred | (21,195) | 3,858 | (704) | ||||||||||||||
Provision (Benefit) for Income Taxes | $ | 29,609 | $ | 59,931 | $ | 42,753 |
113
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Computed "expected” tax provision | $ | 78,268 | $ | 68,910 | $ | 86,165 | |||||||||||
Changes in income taxes resulting from: | |||||||||||||||||
Tax adjustment relating to REIT | (60,378) | (40,577) | (35,165) | ||||||||||||||
State taxes (net of federal tax benefit) | 2,258 | 2,115 | 1,599 | ||||||||||||||
(Decrease) increase in valuation allowance (net operating losses) | (8,337) | 6,211 | 3,568 | ||||||||||||||
(Reversal) reserve accrual and audit settlements (net of federal tax benefit) | (7,409) | 514 | (13,985) | ||||||||||||||
Foreign tax rate differential | 9,472 | 8,562 | 1,031 | ||||||||||||||
Disallowed foreign interest, Subpart F income, and other foreign taxes | 20,242 | 14,241 | 903 | ||||||||||||||
Other, net | (4,507) | (45) | (1,363) | ||||||||||||||
Provision (Benefit) for Income Taxes | $ | 29,609 | $ | 59,931 | $ | 42,753 |
YEAR ENDED DECEMBER 31, | ||||||||
2020 | 2019 |
2018
|
||||||
The benefit derived from the dividends paid deduction of $60,378 and the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $9,472.
|
The benefit derived from the dividends paid deduction of $40,577 and the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $8,562.
|
The benefit derived from the dividends paid deduction of $35,165, the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $1,031 and a discrete tax benefit of approximately $14,000 associated with the resolution of a tax matter (which was included as a component of Accrued expenses in our Consolidated Balance Sheet as of December 31, 2017).
|
IRON MOUNTAIN 2020 FORM 10-K |
114
|
TAX YEARS | TAX JURISDICTION | |||||||
See Below | United States—Federal and State | |||||||
2017 to present | United Kingdom | |||||||
2014 to present | Canada |
115
|
IRON MOUNTAIN 2020 FORM 10-K |
Gross tax contingencies—December 31, 2017 | $ | 38,533 | |||
Gross additions based on tax positions related to the current year | 3,147 | ||||
Gross additions for tax positions of prior years | 981 | ||||
Gross reductions for tax positions of prior years | (2,865) | ||||
Lapses of statutes | (4,462) | ||||
Settlements | (14) | ||||
Gross tax contingencies—December 31, 2018 | 35,320 | ||||
Gross additions based on tax positions related to the current year | 2,914 | ||||
Gross additions for tax positions of prior years | 1,271 | ||||
Gross reductions for tax positions of prior years | (299) | ||||
Lapses of statutes | (4,034) | ||||
Settlements | (104) | ||||
Gross tax contingencies—December 31, 2019 | 35,068 | ||||
Gross additions based on tax positions related to the current year | 2,907 | ||||
Gross additions for tax positions of prior years | 80 | ||||
Gross reductions for tax positions of prior years | (5,617) | ||||
Lapses of statutes | (4,480) | ||||
Settlements | (1,989) | ||||
Gross tax contingencies—December 31, 2020 | $ | 25,969 |
IRON MOUNTAIN 2020 FORM 10-K |
116
|
UNITED STATES | INTERNATIONAL MARKETS | ||||
Denver, Colorado
|
Amsterdam
|
||||
Kansas City, Missouri
|
London | ||||
Boston, Massachusetts
|
Singapore | ||||
Boyers, Pennsylvania
|
Frankfurt (through an unconsolidated joint venture) | ||||
Manassas, Virginia
|
|||||
Edison, New Jersey
|
|||||
Columbus, Ohio
|
|||||
Phoenix and Scottsdale, Arizona
|
117
|
IRON MOUNTAIN 2020 FORM 10-K |
GLOBAL RIM BUSINESS |
GLOBAL
DATA CENTER BUSINESS |
CORPORATE
AND OTHER BUSINESS |
TOTAL
CONSOLIDATED |
||||||||||||||||||||
As of and for the Year Ended December 31, 2020 | |||||||||||||||||||||||
Total Revenues | $ | 3,699,280 | $ | 279,312 | $ | 168,678 | $ | 4,147,270 | |||||||||||||||
Storage Rental | 2,373,783 | 263,695 | 116,613 | 2,754,091 | |||||||||||||||||||
Service | 1,325,497 | 15,617 | 52,065 | 1,393,179 | |||||||||||||||||||
Depreciation and Amortization | 455,567 | 134,844 | 61,658 | 652,069 | |||||||||||||||||||
Depreciation | 309,969 | 83,106 | 54,487 | 447,562 | |||||||||||||||||||
Amortization | 145,598 | 51,738 | 7,171 | 204,507 | |||||||||||||||||||
Adjusted EBITDA | 1,574,069 | 126,576 | (224,924) | 1,475,721 | |||||||||||||||||||
Total Assets(1)
|
10,938,359 | 2,727,654 | 483,254 | 14,149,267 | |||||||||||||||||||
Expenditures for Segment Assets | 338,006 | 249,459 | 44,389 | 631,854 | |||||||||||||||||||
Capital Expenditures | 150,175 | 243,699 | 44,389 | 438,263 | |||||||||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 118,581 | — | — | 118,581 | |||||||||||||||||||
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 69,250 | 5,760 | — | 75,010 | |||||||||||||||||||
As of and for the Year Ended December 31, 2019 | |||||||||||||||||||||||
Total Revenues | $ | 3,812,433 | $ | 257,151 | $ | 193,000 | $ | 4,262,584 | |||||||||||||||
Storage Rental | 2,320,076 | 246,925 | 114,086 | 2,681,087 | |||||||||||||||||||
Service | 1,492,357 | 10,226 | 78,914 | 1,581,497 | |||||||||||||||||||
Depreciation and Amortization | 454,652 | 133,927 | 69,622 | 658,201 | |||||||||||||||||||
Depreciation | 330,534 | 78,939 | 46,850 | 456,323 | |||||||||||||||||||
Amortization | 124,118 | 54,988 | 22,772 | 201,878 | |||||||||||||||||||
Adjusted EBITDA | 1,566,065 | 121,517 | (218,573) | 1,469,009 | |||||||||||||||||||
Total Assets(1)
|
10,753,218 | 2,535,848 | 527,750 | 13,816,816 | |||||||||||||||||||
Expenditures for Segment Assets | 398,690 | 427,935 | 56,242 | 882,867 | |||||||||||||||||||
Capital Expenditures | 248,232 | 392,029 | 52,722 | 692,983 | |||||||||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 54,717 | — | 3,520 | 58,237 | |||||||||||||||||||
Acquisitions of Customer Relationships, Customer Inducements, Contract Fulfillment Costs and third-party commissions | 95,741 | 35,906 | — | 131,647 | |||||||||||||||||||
As of and for the Year Ended December 31, 2018 | |||||||||||||||||||||||
Total Revenues | $ | 3,842,600 | $ | 228,983 | $ | 154,178 | $ | 4,225,761 | |||||||||||||||
Storage Rental | 2,301,344 | 218,675 | 102,436 | 2,622,455 | |||||||||||||||||||
Service | 1,541,256 | 10,308 | 51,742 | 1,603,306 | |||||||||||||||||||
Depreciation and Amortization | 472,155 | 105,680 | 61,679 | 639,514 | |||||||||||||||||||
Depreciation | 341,384 | 58,707 | 52,649 | 452,740 | |||||||||||||||||||
Amortization | 130,771 | 46,973 | 9,030 | 186,774 | |||||||||||||||||||
Adjusted EBITDA | 1,572,438 | 99,575 | (213,089) | 1,458,924 | |||||||||||||||||||
Total Assets(1)
|
9,135,198 | 2,217,505 | 504,515 | 11,857,218 | |||||||||||||||||||
Expenditures for Segment Assets | 443,634 | 1,794,386 | 79,286 | 2,317,306 | |||||||||||||||||||
Capital Expenditures | 254,308 | 152,739 | 53,015 | 460,062 | |||||||||||||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | 93,217 | 1,639,427 | 25,913 | 1,758,557 | |||||||||||||||||||
Acquisitions of Customer Relationships, Customer Inducements and Contract Fulfillment Costs | 96,109 | 2,220 | 358 | 98,687 |
IRON MOUNTAIN 2020 FORM 10-K |
118
|
EXCLUDED | |||||
•Significant Acquisition Costs
•Restructuring Charges
•Intangible impairments
•(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate)
|
•Other expense (income), net
•Stock-based compensation expense
•COVID-19 Costs (as defined below)
|
||||
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Income (Loss) from Continuing Operations | $ | 343,096 | $ | 268,211 | $ | 367,558 | |||||||||||
Add/(Deduct): | |||||||||||||||||
Interest expense, net | 418,535 | 419,298 | 409,648 | ||||||||||||||
Provision (benefit) for income taxes | 29,609 | 59,931 | 42,753 | ||||||||||||||
Depreciation and amortization | 652,069 | 658,201 | 639,514 | ||||||||||||||
Significant Acquisition Costs | — | 13,293 | 50,665 | ||||||||||||||
Restructuring Charges | 194,396 | 48,597 | — | ||||||||||||||
Intangible impairments | 23,000 | — | — | ||||||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (363,537) | (63,824) | (73,622) | ||||||||||||||
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures(1)
|
133,611 | 25,720 | (11,867) | ||||||||||||||
Stock-based compensation expense(2)
|
34,272 | 36,194 | 31,014 | ||||||||||||||
COVID-19 Costs(3)
|
9,285 | — | — | ||||||||||||||
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 1,385 | 3,388 | 3,261 | ||||||||||||||
Adjusted EBITDA | $ | 1,475,721 | $ | 1,469,009 | $ | 1,458,924 |
119
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues: | |||||||||||||||||
United States | $ | 2,577,084 | $ | 2,632,586 | $ | 2,579,847 | |||||||||||
United Kingdom | 247,667 | 274,931 | 280,993 | ||||||||||||||
Canada | 224,860 | 243,033 | 249,505 | ||||||||||||||
Australia | 133,815 | 143,511 | 155,367 | ||||||||||||||
Remaining Countries | 963,844 | 968,523 | 960,049 | ||||||||||||||
Long-lived Assets: | |||||||||||||||||
United States | $ | 7,818,059 | $ | 7,862,262 | $ | 6,902,232 | |||||||||||
United Kingdom | 838,491 | 755,859 | 547,768 | ||||||||||||||
Canada | 556,120 | 556,591 | 453,398 | ||||||||||||||
Australia | 575,862 | 530,755 | 442,755 | ||||||||||||||
Remaining Countries | 3,090,948 | 2,875,010 | 2,302,951 | ||||||||||||||
GLOBAL RIM BUSINESS |
GLOBAL
DATA CENTER BUSINESS |
CORPORATE
AND OTHER BUSINESS |
TOTAL
CONSOLIDATED |
||||||||||||||||||||
For the Year Ended December 31, 2020 | |||||||||||||||||||||||
Records Management(1)
|
$ | 2,852,296 | $ | — | $ | 102,003 | $ | 2,954,299 | |||||||||||||||
Data Management(1)
|
488,198 | — | 66,675 | 554,873 | |||||||||||||||||||
Information Destruction(1)(2)
|
358,786 | — | — | 358,786 | |||||||||||||||||||
Data Center | — | 279,312 | — | 279,312 | |||||||||||||||||||
For the Year Ended December 31, 2019 | |||||||||||||||||||||||
Records Management(1)
|
$ | 2,866,192 | $ | — | $ | 128,954 | $ | 2,995,146 | |||||||||||||||
Data Management(1)
|
520,082 | — | 64,046 | 584,128 | |||||||||||||||||||
Information Destruction(1)(2)
|
426,159 | — | — | 426,159 | |||||||||||||||||||
Data Center | — | 257,151 | — | 257,151 | |||||||||||||||||||
For the Year Ended December 31, 2018 | |||||||||||||||||||||||
Records Management(1)
|
$ | 2,871,253 | $ | — | $ | 96,669 | $ | 2,967,922 | |||||||||||||||
Data Management(1)
|
539,035 | — | 57,509 | 596,544 | |||||||||||||||||||
Information Destruction(1)(2)
|
432,312 | — | — | 432,312 | |||||||||||||||||||
Data Center | — | 228,983 | — | 228,983 | |||||||||||||||||||
IRON MOUNTAIN 2020 FORM 10-K |
120
|
YEAR ENDED
DECEMBER 31, 2020 |
YEAR ENDED
DECEMBER 31, 2019 |
FROM THE INCEPTION OF PROJECT SUMMIT THROUGH DECEMBER 31, 2020 | ||||||||||||||||||
Employee severance costs | $ | 47,349 | $ | 20,850 | $ | 68,199 | ||||||||||||||
Professional fees and other costs | 147,047 | 27,747 | 174,794 | |||||||||||||||||
Restructuring Charges | $ | 194,396 | $ | 48,597 | $ | 242,993 |
121
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED
DECEMBER 31, 2020 |
YEAR ENDED
DECEMBER 31, 2019 |
FROM THE INCEPTION OF PROJECT SUMMIT THROUGH DECEMBER 31, 2020 | ||||||||||||||||||
Global RIM Business | $ | 67,140 | $ | 21,900 | $ | 89,040 | ||||||||||||||
Global Data Center Business | 1,632 | 306 | 1,938 | |||||||||||||||||
Corporate and Other Business | 125,624 | 26,391 | 152,015 | |||||||||||||||||
Restructuring Charges | $ | 194,396 | $ | 48,597 | $ | 242,993 |
EMPLOYEE SEVERANCE COSTS | PROFESSIONAL FEES AND OTHER | TOTAL ACCRUED RESTRUCTURING CHARGES | ||||||||||||||||||
Inception of Project Summit | $ | — | $ | — | $ | — | ||||||||||||||
Amounts accrued | 20,850 | 27,747 | 48,597 | |||||||||||||||||
Payments | (16,027) | (14,793) | (30,820) | |||||||||||||||||
Other, including currency translation adjustments | — | — | — | |||||||||||||||||
Balance as of December 31, 2019 | 4,823 | 12,954 | 17,777 | |||||||||||||||||
Amounts accrued | 47,349 | 147,047 | 194,396 | |||||||||||||||||
Payments | (32,455) | (136,222) | (168,677) | |||||||||||||||||
Other, including currency translation adjustments | (3,439) | (4) | (3,443) | |||||||||||||||||
Balance as of December 31, 2020 | $ | 16,278 | $ | 23,775 | $ | 40,053 |
IRON MOUNTAIN 2020 FORM 10-K |
122
|
Gross Amount of Real Estate Assets, As Reported on Schedule III | $ | 3,830,489 | |||
Add Reconciling Items: | |||||
Book value of racking included in leased facilities(1)
|
1,448,654 | ||||
Book value of financing leases(2)
|
410,583 | ||||
Book value of construction in progress(3)
|
287,580 | ||||
Total Reconciling Items | 2,146,817 | ||||
Gross Amount of Real Estate Assets, As Disclosed in Note 2.h. | $ | 5,977,306 |
Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III | $ | 1,097,616 | |||
Add Reconciling Items: | |||||
Accumulated Depreciation - non-real estate assets(1)
|
1,549,986 | ||||
Accumulated Depreciation - racking in leased facilities(2)
|
941,028 | ||||
Accumulated Depreciation - financing leases(3)
|
155,264 | ||||
Total Reconciling Items | 2,646,278 | ||||
Accumulated Depreciation, As Reported on Consolidated Balance Sheet | $ | 3,743,894 |
123
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IRON MOUNTAIN 2020 FORM 10-K |
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||||||||||||||||||||||||||||||||||
REGION/COUNTRY/
STATE/CAMPUS ADDRESS |
FACILITIES(1)
|
ENCUMBRANCES |
INITIAL COST
TO COMPANY(1)
|
COST
CAPITALIZED
SUBSEQUENT TO
ACQUISITION(1)(2)
|
GROSS AMOUNT
CARRIED AT
CLOSE OF
CURRENT
PERIOD(1)(8)
|
ACCUMULATED
DEPRECIATION
AT CLOSE OF
CURRENT
PERIOD(1)(8)
|
DATE OF
CONSTRUCTION
OR ACQUIRED(3)
|
LIFE ON WHICH
DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED |
||||||||||||||||||||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States
(Including Puerto Rico) |
||||||||||||||||||||||||||||||||||||||||||||||||||
140 Oxmoor Ct, Birmingham, Alabama | 1 | $ | — | $ | 1,322 | $ | 978 | $ | 2,300 | $ | 1,181 | 2001 | Up to 40 years | |||||||||||||||||||||||||||||||||||||
1420 North Fiesta Blvd, Gilbert, Arizona | 1 | — | 1,637 | 2,741 | 4,378 | 2,115 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
4802 East Van Buren, Phoenix, Arizona | 1 | — | 15,599 | 143,887 | 159,486 | 3,246 | 2019 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
615 North 48th Street, Phoenix, Arizona | 1 | — | 423,107 | 21,338 | 444,445 | 43,817 | 2018 | (5) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
2955 S. 18th Place, Phoenix, Arizona | 1 | — | 12,178 | 14,250 | 26,428 | 6,019 | 2007 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
4449 South 36th St, Phoenix, Arizona | 1 | — | 7,305 | 1,049 | 8,354 | 5,190 | 2012 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
8521 E. Princess Drive, Scottsdale, Arizona | 1 | — | 87,865 | 1,879 | 89,744 | 12,425 | 2018 | (5) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
600 Burning Tree Rd, Fullerton, California | 1 | — | 4,762 | 1,899 | 6,661 | 3,091 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
21063 Forbes St, Hayward, California | 1 | — | 13,407 | 365 | 13,772 | 2,912 | 2019 | (7) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
1025 North Highland Ave, Los Angeles, California | 1 | — | 10,168 | 26,791 | 36,959 | 15,136 | 1988 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1010 - 1006 North Mansfield, Los Angeles, California | 1 | — | 749 | — | 749 | 128 | 2014 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1350 West Grand Ave, Oakland, California | 1 | — | 15,172 | 7,251 | 22,423 | 15,293 | 1997 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1760 North Saint Thomas Circle, Orange, California | 1 | — | 4,576 | 499 | 5,075 | 1,981 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1915 South Grand Ave, Santa Ana, California | 1 | — | 3,420 | 1,272 | 4,692 | 2,027 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
2680 Sequoia Dr, South Gate, California | 1 | — | 6,329 | 2,251 | 8,580 | 4,291 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
336 Oyster Point Blvd, South San Francisco, California | 1 | — | 15,100 | 49 | 15,149 | 2,446 | 2019 | (7) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
25250 South Schulte Rd, Tracy, California | 1 | — | 3,049 | 1,774 | 4,823 | 2,232 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
3576 N. Moline, Aurora, Colorado | 1 | — | 1,583 | 4,469 | 6,052 | 2,025 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
5151 E. 46th Ave, Denver, Colorado | 1 | — | 6,312 | 709 | 7,021 | 1,752 | 2014 | Up to 40 years |
IRON MOUNTAIN 2020 FORM 10-K |
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REGION/COUNTRY/
STATE/CAMPUS ADDRESS |
FACILITIES(1)
|
ENCUMBRANCES |
INITIAL COST
TO COMPANY(1)
|
COST
CAPITALIZED
SUBSEQUENT TO
ACQUISITION(1)(2)
|
GROSS AMOUNT
CARRIED AT
CLOSE OF
CURRENT
PERIOD(1)(8)
|
ACCUMULATED
DEPRECIATION
AT CLOSE OF
CURRENT
PERIOD(1)(8)
|
DATE OF
CONSTRUCTION
OR ACQUIRED(3)
|
LIFE ON WHICH
DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED |
||||||||||||||||||||||||||||||||||||||||||
North America (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States
(Including Puerto Rico (continued) |
||||||||||||||||||||||||||||||||||||||||||||||||||
11333 E 53rd Ave, Denver, Colorado | 1 | $ | — | $ | 7,403 | $ | 10,232 | $ | 17,635 | $ | 9,949 | 2001 | Up to 40 years | |||||||||||||||||||||||||||||||||||||
4300 Brighton Boulevard, Denver, Colorado | 1 | — | 116,336 | 21,257 | 137,593 | 14,131 | 2017 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
20 Eastern Park Rd, East Hartford, Connecticut | 1 | — | 7,417 | 1,904 | 9,321 | 6,340 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
Bennett Rd, Suffield, Connecticut | 2 | — | 1,768 | 940 | 2,708 | 1,459 | 2000 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
Kennedy Road, Windsor, Connecticut | 2 | — | 10,447 | 31,259 | 41,706 | 21,987 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
293 Ella Grasso Rd, Windsor Locks, Connecticut | 1 | — | 4,021 | 2,072 | 6,093 | 3,008 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
150-200 Todds Ln, Wilmington, Delaware | 1 | — | 7,226 | 1,048 | 8,274 | 5,205 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
13280 Vantage Way, Jacksonville, Florida | 1 | — | 1,853 | 573 | 2,426 | 1,013 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
12855 Starkey Rd, Largo, Florida | 1 | — | 3,293 | 3,005 | 6,298 | 3,399 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
7801 Riviera Blvd, Miramar, Florida | 1 | — | 8,250 | 234 | 8,484 | 1,027 | 2017 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
10002 Satellite Blvd, Orlando, Florida | 1 | — | 1,927 | 343 | 2,270 | 938 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
3501 Electronics Way, West Palm Beach, Florida | 1 | — | 4,201 | 13,851 | 18,052 | 7,604 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1890 MacArthur Blvd, Atlanta, Georgia | 1 | — | 1,786 | 772 | 2,558 | 1,193 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
3881 Old Gordon Rd, Atlanta, Georgia | 1 | — | 1,185 | 790 | 1,975 | 898 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
5319 Tulane Drive SW, Atlanta, Georgia | 1 | — | 2,808 | 3,940 | 6,748 | 3,560 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
6111 Live Oak Parkway, Norcross, Georgia | 1 | — | 3,542 | 2,720 | 6,262 | 517 | 2017 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
3150 Nifda Dr, Smyrna, Georgia | 1 | — | 463 | 777 | 1,240 | 763 | 1990 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
2425 South Halsted St, Chicago, Illinois | 1 | — | 7,470 | 1,670 | 9,140 | 4,536 | 2006 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1301 S. Rockwell St, Chicago, Illinois | 1 | — | 7,947 | 19,884 | 27,831 | 16,600 | 1999 | Up to 40 years |
125
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IRON MOUNTAIN 2020 FORM 10-K |
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||||||||||||||||||||||||||||||||||
REGION/COUNTRY/
STATE/CAMPUS ADDRESS |
FACILITIES(1)
|
ENCUMBRANCES |
INITIAL COST
TO COMPANY(1)
|
COST
CAPITALIZED
SUBSEQUENT TO
ACQUISITION(1)(2)
|
GROSS AMOUNT
CARRIED AT
CLOSE OF
CURRENT
PERIOD(1)(8)
|
ACCUMULATED
DEPRECIATION
AT CLOSE OF
CURRENT
PERIOD(1)(8)
|
DATE OF
CONSTRUCTION
OR ACQUIRED(3)
|
LIFE ON WHICH
DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED |
||||||||||||||||||||||||||||||||||||||||||
North America (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States
(Including Puerto Rico) (continued) |
||||||||||||||||||||||||||||||||||||||||||||||||||
2604 West 13th St, Chicago, Illinois | 1 | $ | — | $ | 404 | $ | 2,888 | $ | 3,292 | $ | 2,874 | 2001 | Up to 40 years | |||||||||||||||||||||||||||||||||||||
2211 W. Pershing Rd, Chicago, Illinois | 1 | — | 4,264 | 13,995 | 18,259 | 9,024 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
2255 Pratt Blvd, Elk Grove, Illinois | 1 | — | 1,989 | 3,893 | 5,882 | 1,681 | 2000 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
4175 Chandler Dr Opus No. Corp, Hanover Park, Illinois | 1 | — | 22,048 | 2,801 | 24,849 | 10,352 | 2014 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
2600 Beverly Drive, Lincoln, Illinois | 1 | — | 1,378 | 923 | 2,301 | 319 | 2015 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
6090 NE 14th Street, Des Moines, Iowa | 1 | — | 622 | 511 | 1,133 | 443 | 2003 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
South 7th St, Louisville, Kentucky | 4 | — | 709 | 14,547 | 15,256 | 5,885 | Various | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
26 Parkway Drive (fka 133 Pleasant), Scarborough, Maine | 1 | — | 8,337 | 389 | 8,726 | 3,386 | 2015 | (7) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
8928 McGaw Ct, Columbia, Maryland | 1 | — | 2,198 | 6,441 | 8,639 | 3,905 | 1999 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
10641 Iron Bridge Rd, Jessup, Maryland | 1 | — | 3,782 | 1,459 | 5,241 | 2,801 | 2000 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
96 High St, Billerica, Massachusetts | 1 | — | 3,221 | 3,948 | 7,169 | 3,781 | 1998 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
120 Hampden St, Boston, Massachusetts | 1 | — | 164 | 939 | 1,103 | 576 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
32 George St, Boston, Massachusetts | 1 | — | 1,820 | 5,391 | 7,211 | 5,630 | 1991 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
14500 Weston Pkwy, Cary, North Carolina | 1 | — | 1,880 | 2,229 | 4,109 | 2,071 | 1999 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
3435 Sharps Lot Rd, Dighton, Massachusetts | 1 | — | 1,911 | 797 | 2,708 | 2,130 | 1999 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
77 Constitution Boulevard, Franklin, Massachusetts | 1 | — | 5,413 | 224 | 5,637 | 857 | 2014 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
216 Canal St, Lawrence, Massachusetts | 1 | — | 1,298 | 1,123 | 2,421 | 1,840 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
Bearfoot Road, Northboro, Massachusetts | 2 | — | 55,923 | 12,745 | 68,668 | 42,266 | Various | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
38300 Plymouth Road, Livonia, Michigan | 1 | — | 10,285 | 1,920 | 12,205 | 4,310 | 2015 | (7) | Up to 40 years |
IRON MOUNTAIN 2020 FORM 10-K |
126
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(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||||||||||||||||||||||||||||||||||
REGION/COUNTRY/
STATE/CAMPUS ADDRESS |
FACILITIES(1)
|
ENCUMBRANCES |
INITIAL COST
TO COMPANY(1)
|
COST CAPITALIZED
SUBSEQUENT TO
ACQUISITION(1)(2)
|
GROSS AMOUNT
CARRIED AT CLOSE OF CURRENT
PERIOD(1)(8)
|
ACCUMULATED
DEPRECIATION AT CLOSE OF CURRENT
PERIOD(1)(8)
|
DATE OF
CONSTRUCTION
OR ACQUIRED(3)
|
LIFE ON WHICH
DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED |
||||||||||||||||||||||||||||||||||||||||||
North America (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States
(Including Puerto Rico) (continued) |
||||||||||||||||||||||||||||||||||||||||||||||||||
6601 Sterling Dr South, Sterling Heights, Michigan | 1 | $ | — | $ | 1,294 | $ | 1,250 | $ | 2,544 | $ | 1,276 | 2002 | Up to 40 years | |||||||||||||||||||||||||||||||||||||
1985 Bart Ave, Warren, Michigan | 1 | — | 1,802 | 530 | 2,332 | 1,187 | 2000 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
Wahl Court, Warren, Michigan | 2 | — | 3,426 | 2,684 | 6,110 | 3,882 | Various | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
31155 Wixom Rd, Wixom, Michigan | 1 | — | 4,000 | 1,482 | 5,482 | 2,872 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
3140 Ryder Trail South, Earth City, Missouri | 1 | — | 3,072 | 3,398 | 6,470 | 2,558 | 2004 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
Missouri Bottom Road, Hazelwood, Missouri | 4 | — | 28,282 | 5,073 | 33,355 | 8,667 | Various | (7) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
Leavenworth St/18th St, Omaha, Nebraska | 3 | — | 2,924 | 19,855 | 22,779 | 8,295 | Various | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
4105 North Lamb Blvd, Las Vegas, Nevada | 1 | — | 3,430 | 8,965 | 12,395 | 6,276 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
17 Hydro Plant Rd, Milton, New Hampshire | 1 | — | 6,179 | 4,445 | 10,624 | 6,895 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
3003 Woodbridge Avenue, Edison, New Jersey | 1 | — | 310,404 | 56,509 | 366,913 | 29,990 | 2018 | (5) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
811 Route 33, Freehold, New Jersey | 3 | — | 38,697 | 57,207 | 95,904 | 56,003 | Various | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
51-69 & 77-81 Court St, Newark, New Jersey | 1 | — | 11,734 | 10,437 | 22,171 | 2,179 | 2015 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
560 Irvine Turner Blvd, Newark, New Jersey | 1 | — | 9,522 | 1,718 | 11,240 | 1,109 | 2015 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
231 Johnson Ave, Newark, New Jersey | 1 | — | 8,945 | 2,399 | 11,344 | 1,173 | 2015 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
650 Howard Avenue, Somerset, New Jersey | 1 | — | 3,585 | 11,835 | 15,420 | 6,553 | 2006 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
100 Bailey Ave, Buffalo, New York | 1 | — | 1,324 | 11,437 | 12,761 | 7,052 | 1998 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
64 Leone Ln, Chester, New York | 1 | — | 5,086 | 1,132 | 6,218 | 3,606 | 2000 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1368 County Rd 8, Farmington, New York | 1 | — | 2,611 | 4,788 | 7,399 | 4,869 | 1998 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
County Rd 10, Linlithgo, New York | 2 | — | 102 | 3,233 | 3,335 | 1,782 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
77 Seaview Blvd, N. Hempstead New York | 1 | — | 5,719 | 1,442 | 7,161 | 2,925 | 2006 | Up to 40 years |
127
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IRON MOUNTAIN 2020 FORM 10-K |
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||||||||||||||||||||||||||||||||||
REGION/COUNTRY/
STATE/CAMPUS ADDRESS |
FACILITIES(1)
|
ENCUMBRANCES |
INITIAL COST
TO COMPANY(1)
|
COST CAPITALIZED
SUBSEQUENT TO
ACQUISITION(1)(2)
|
GROSS AMOUNT
CARRIED AT CLOSE OF CURRENT
PERIOD(1)(8)
|
ACCUMULATED
DEPRECIATION AT CLOSE OF CURRENT
PERIOD(1)(8)
|
DATE OF
CONSTRUCTION
OR ACQUIRED(3)
|
LIFE ON WHICH
DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED |
||||||||||||||||||||||||||||||||||||||||||
North America (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States
(Including Puerto Rico) (continued) |
||||||||||||||||||||||||||||||||||||||||||||||||||
37 Hurds Corner Road, Pawling, New York | 1 | $ | — | $ | 4,323 | $ | 1,285 | $ | 5,608 | $ | 2,471 | 2005 | Up to 40 years | |||||||||||||||||||||||||||||||||||||
Ulster Ave/Route 9W, Port Ewen, New York | 3 | — | 23,137 | 11,745 | 34,882 | 23,388 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
Binnewater Rd, Rosendale, New York | 2 | — | 5,142 | 11,827 | 16,969 | 7,696 | Various | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
220 Wavel St, Syracuse, New York | 1 | — | 2,929 | 2,765 | 5,694 | 3,098 | 1997 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
2235 Cessna Drive, Burlington, North Carolina | 1 | — | 1,602 | 328 | 1,930 | 277 | 2015 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
826 Church Street, Morrisville, North Carolina | 1 | — | 7,087 | 266 | 7,353 | 1,558 | 2017 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1275 East 40th, Cleveland, Ohio | 1 | — | 3,129 | 606 | 3,735 | 2,137 | 1999 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
7208 Euclid Avenue, Cleveland, Ohio | 1 | — | 3,336 | 4,071 | 7,407 | 3,471 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
4260 Tuller Ridge Rd, Dublin, Ohio | 1 | — | 1,030 | 1,881 | 2,911 | 1,562 | 1999 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
3366 South Tech Boulevard, Miamisburg, Ohio | 1 | — | 29,092 | 674 | 29,766 | 3,085 | 2018 | (5) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
302 South Byrne Rd, Toledo, Ohio | 1 | — | 602 | 1,090 | 1,692 | 820 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
7530 N. Leadbetter Road, Portland, Oregon | 1 | — | 5,187 | 1,874 | 7,061 | 4,314 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
Branchton Rd, Boyers, Pennsylvania | 3 | — | 21,166 | 243,167 | 264,333 | 70,834 | Various | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
800 Carpenters Crossings, Folcroft, Pennsylvania | 1 | — | 2,457 | 976 | 3,433 | 2,168 | 2000 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
Las Flores Industrial Park, Rio Grande, Puerto Rico | 1 | — | 4,185 | 3,528 | 7,713 | 4,698 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
24 Snake Hill Road, Chepachet, Rhode Island | 1 | — | 2,659 | 2,243 | 4,902 | 3,120 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1061 Carolina Pines Road, Columbia, South Carolina | 1 | — | 11,776 | 2,348 | 14,124 | 3,706 | 2016 | (7) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
2301 Prosperity Way, Florence, South Carolina | 1 | — | 2,846 | 1,259 | 4,105 | 1,427 | 2016 | (7) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
Mitchell Street, Knoxville, Tennessee | 2 | — | 718 | 4,575 | 5,293 | 2,229 | Various | Up to 40 years |
IRON MOUNTAIN 2020 FORM 10-K |
128
|
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||||||||||||||||||||||||||||||||||
REGION/COUNTRY/
STATE/CAMPUS ADDRESS |
FACILITIES(1)
|
ENCUMBRANCES |
INITIAL COST
TO COMPANY(1)
|
COST CAPITALIZED
SUBSEQUENT TO
ACQUISITION(1)(2)
|
GROSS AMOUNT
CARRIED AT CLOSE OF CURRENT
PERIOD(1)(8)
|
ACCUMULATED
DEPRECIATION AT CLOSE OF CURRENT
PERIOD(1)(8)
|
DATE OF
CONSTRUCTION
OR ACQUIRED(3)
|
LIFE ON WHICH
DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED |
||||||||||||||||||||||||||||||||||||||||||
North America (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States
(Including Puerto Rico) (continued) |
||||||||||||||||||||||||||||||||||||||||||||||||||
6005 Dana Way, Nashville, Tennessee | 2 | $ | — | $ | 1,827 | $ | 3,063 | $ | 4,890 | $ | 2,105 | 2000 | Up to 40 years | |||||||||||||||||||||||||||||||||||||
11406 Metric Blvd, Austin, Texas | 1 | — | 5,489 | 2,212 | 7,701 | 4,274 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
6600 Metropolis Drive, Austin, Texas | 1 | — | 4,519 | 454 | 4,973 | 1,529 | 2011 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
Capital Parkway, Carrollton, Texas | 3 | — | 8,299 | 9,991 | 18,290 | 3,182 | 2015 | (7) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
1800 Columbian Club Dr, Carrolton, Texas | 1 | — | 19,673 | 1,190 | 20,863 | 10,111 | 2013 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1905 John Connally Dr, Carrolton, Texas | 1 | — | 2,174 | 848 | 3,022 | 1,481 | 2000 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
13425 Branchview Ln, Dallas, Texas | 1 | — | 3,518 | 3,685 | 7,203 | 4,335 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
Cockrell Ave, Dallas, Texas | 1 | — | 1,277 | 1,597 | 2,874 | 2,013 | 2000 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1819 S. Lamar St, Dallas, Texas | 1 | — | 3,215 | 1,145 | 4,360 | 2,715 | 2000 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
2000 Robotics Place Suite B, Fort Worth, Texas | 1 | — | 5,328 | 2,269 | 7,597 | 3,173 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1202 Ave R, Grand Prairie, Texas | 1 | — | 8,354 | 2,204 | 10,558 | 6,283 | 2003 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
6203 Bingle Rd, Houston, Texas | 1 | — | 3,188 | 11,495 | 14,683 | 9,102 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
3502 Bissonnet St, Houston, Texas | 1 | — | 7,687 | 722 | 8,409 | 6,051 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
2600 Center Street, Houston, Texas | 1 | — | 2,840 | 2,227 | 5,067 | 2,724 | 2000 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
5707 Chimney Rock, Houston, Texas | 1 | — | 1,032 | 1,211 | 2,243 | 1,145 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
5249 Glenmont Ave, Houston, Texas | 1 | — | 3,467 | 2,406 | 5,873 | 2,952 | 2000 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
15333 Hempstead Hwy, Houston, Texas | 3 | — | 6,327 | 37,843 | 44,170 | 14,745 | 2004 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
5757 Royalton Dr, Houston, Texas | 1 | — | 1,795 | 1,024 | 2,819 | 1,374 | 2000 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
9601 West Tidwell, Houston, Texas | 1 | — | 1,680 | 2,395 | 4,075 | 1,424 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
7800 Westpark, Houston, Texas | 1 | — | 6,323 | 1,344 | 7,667 | 2,010 | 2015 | (7) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
15300 FM 1825, Pflugerville, Texas | 2 | — | 3,811 | 8,015 | 11,826 | 5,482 | 2001 | Up to 40 years |
129
|
IRON MOUNTAIN 2020 FORM 10-K |
(A) | (B) | (C) | (D) | (E) | (F) | |||||||||||||||||||||||||||||||||||||||||||||
REGION/COUNTRY/
STATE/CAMPUS ADDRESS |
FACILITIES(1)
|
ENCUMBRANCES |
INITIAL COST
TO COMPANY(1)
|
COST CAPITALIZED
SUBSEQUENT TO
ACQUISITION(1)(2)
|
GROSS AMOUNT
CARRIED AT CLOSE OF CURRENT
PERIOD(1)(8)
|
ACCUMULATED
DEPRECIATION AT CLOSE OF CURRENT
PERIOD(1)(8)
|
DATE OF
CONSTRUCTION
OR ACQUIRED(3)
|
LIFE ON WHICH
DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED |
||||||||||||||||||||||||||||||||||||||||||
North America (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
United States
(Including Puerto Rico) (continued) |
||||||||||||||||||||||||||||||||||||||||||||||||||
930 Avenue B, San Antonio, Texas | 1 | $ | — | $ | 393 | $ | 245 | $ | 638 | $ | 279 | 1998 | Up to 40 years | |||||||||||||||||||||||||||||||||||||
931 North Broadway, San Antonio, Texas | 1 | — | 3,526 | 1,161 | 4,687 | 2,963 | 1999 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1665 S. 5350 West, Salt Lake City, Utah | 1 | — | 6,239 | 4,273 | 10,512 | 5,622 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
11052 Lakeridge Pkwy, Ashland, Virginia | 1 | — | 1,709 | 1,927 | 3,636 | 1,974 | 1999 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
2301 International Parkway, Fredericksburg, Virginia | 1 | — | 20,980 | 240 | 21,220 | 6,397 | 2015 | (7) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
11660 Hayden Road, Manassas, Virginia | 1 | — | 104,824 | — | 104,824 | — | 2020 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
4555 Progress Road, Norfolk, Virginia | 1 | — | 6,527 | 1,125 | 7,652 | 3,541 | 2011 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
3725 Thirlane Rd. N.W., Roanoke, Virginia | 1 | — | 2,577 | 190 | 2,767 | 1,265 | 2015 | (7) | Up to 40 years | |||||||||||||||||||||||||||||||||||||||||
7700-7730 Southern Dr, Springfield, Virginia | 1 | — | 14,167 | 2,776 | 16,943 | 9,761 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
22445 Randolph Dr, Sterling, Virginia | 1 | — | 7,598 | 3,737 | 11,335 | 6,328 | 2005 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
307 South 140th St, Burien, Washington | 1 | — | 2,078 | 2,367 | 4,445 | 2,476 | 1999 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
8908 W. Hallett Rd, Cheney, Washington | 1 | — | 510 | 4,266 | 4,776 | 2,250 | 1999 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
6600 Hardeson Rd, Everett, Washington | 1 | — | 5,399 | 3,435 | 8,834 | 3,774 | 2002 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
1201 N. 96th St, Seattle, Washington | 1 | — | 4,496 | 2,531 | 7,027 | 3,744 | 2001 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
4330 South Grove Road, Spokane, Washington | 1 | — | 3,906 | 850 | 4,756 | 608 | 2015 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
12021 West Bluemound Road, Wauwatosa, Wisconsin | 1 | — | 1,307 | 2,134 | 3,441 | 1,542 | 1999 | Up to 40 years | ||||||||||||||||||||||||||||||||||||||||||
160 | $ | — | $ | 1,833,229 | $ | 1,062,809 | $ | 2,896,038 | $ | 777,507 |
IRON MOUNTAIN 2020 FORM 10-K |
130
|
(A) | (B) | (C) | (D) | (E) | (F) | ||||||||||||||||||||||||
REGION/COUNTRY/
STATE/CAMPUS ADDRESS |
FACILITIES(1)
|
ENCUMBRANCES |
INITIAL COST TO COMPANY(1)
|
COST CAPITALIZED
SUBSEQUENT TO
ACQUISITION(1)(2)
|
GROSS AMOUNT
CARRIED AT CLOSE OF CURRENT PERIOD(1)(8)
|
ACCUMULATED
DEPRECIATION AT CLOSE OF CURRENT
PERIOD(1)(8)
|
DATE OF
CONSTRUCTION OR ACQUIRED(3)
|
LIFE ON WHICH
DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED |
|||||||||||||||||||||
North America (continued) | |||||||||||||||||||||||||||||
Canada | |||||||||||||||||||||||||||||
One Command Court, Bedford | 1 | $ | — | $ | 3,847 | $ | 4,719 | $ | 8,566 | $ | 4,517 | 2000 | Up to 40 years | ||||||||||||||||
195 Summerlea Road, Brampton | 1 | — | 5,403 | 6,786 | 12,189 | 5,982 | 2000 | Up to 40 years | |||||||||||||||||||||
10 Tilbury Court, Brampton | 1 | — | 5,007 | 17,897 | 22,904 | 8,974 | 2000 | Up to 40 years | |||||||||||||||||||||
8825 Northbrook Court, Burnaby | 1 | — | 8,091 | 2,476 | 10,567 | 5,097 | 2001 | Up to 40 years | |||||||||||||||||||||
8088 Glenwood Drive, Burnaby | 1 | — | 4,326 | 7,414 | 11,740 | 5,143 | 2005 | Up to 40 years | |||||||||||||||||||||
5811 26th Street S.E., Calgary | 1 | — | 14,658 | 9,497 | 24,155 | 12,102 | 2000 | Up to 40 years | |||||||||||||||||||||
3905-101 Street, Edmonton | 1 | — | 2,020 | 910 | 2,930 | 1,703 | 2000 | Up to 40 years | |||||||||||||||||||||
68 Grant Timmins Drive, Kingston | 1 | — | 3,639 | 753 | 4,392 | 458 | 2016 | Up to 40 years | |||||||||||||||||||||
3005 Boul. Jean-Baptiste Deschamps, Lachine | 1 | — | 2,751 | 579 | 3,330 | 1,506 | 2000 | Up to 40 years | |||||||||||||||||||||
1655 Fleetwood, Laval | 1 | — | 8,196 | 18,761 | 26,957 | 14,003 | 2000 | Up to 40 years | |||||||||||||||||||||
4005 Richelieu, Montreal | 1 | — | 1,800 | 2,657 | 4,457 | 1,912 | 2000 | Up to 40 years | |||||||||||||||||||||
1209 Algoma Rd, Ottawa | 1 | — | 1,059 | 7,178 | 8,237 | 4,426 | 2000 | Up to 40 years | |||||||||||||||||||||
1650 Comstock Rd, Ottawa | 1 | — | 7,478 | 90 | 7,568 | 2,884 | 2017 | Up to 40 years | |||||||||||||||||||||
235 Edson Street, Saskatoon | 1 | — | 829 | 1,731 | 2,560 | 955 | 2008 | Up to 40 years | |||||||||||||||||||||
640 Coronation Drive, Scarborough | 1 | — | 1,853 | 1,345 | 3,198 | 1,399 | 2000 | Up to 40 years | |||||||||||||||||||||
610 Sprucewood Ave, Windsor | 1 | — | 1,243 | 733 | 1,976 | 778 | 2007 | Up to 40 years | |||||||||||||||||||||
16 | $ | — | $ | 72,200 | $ | 83,526 | $ | 155,726 | $ | 71,839 | |||||||||||||||||||
176 | $ | — | $ | 1,905,429 | $ | 1,146,335 | $ | 3,051,764 | $ | 849,346 |
131
|
IRON MOUNTAIN 2020 FORM 10-K |
(A) | (B) | (C) | (D) | (E) | (F) | ||||||||||||||||||||||||
REGION/COUNTRY/
STATE/CAMPUS ADDRESS |
FACILITIES(1)
|
ENCUMBRANCES |
INITIAL COST TO COMPANY(1)
|
COST CAPITALIZED
SUBSEQUENT TO
ACQUISITION(1)(2)
|
GROSS AMOUNT
CARRIED AT CLOSE OF CURRENT PERIOD(1)(8)
|
ACCUMULATED
DEPRECIATION AT CLOSE OF CURRENT
PERIOD(1)(8)
|
DATE OF
CONSTRUCTION OR ACQUIRED(3)
|
LIFE ON WHICH
DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED |
|||||||||||||||||||||
Europe | |||||||||||||||||||||||||||||
Gewerbeparkstr. 3, Vienna, Austria | 1 | $ | — | $ | 6,542 | $ | 9,431 | $ | 15,973 | $ | 4,510 | 2010 | Up to 40 years | ||||||||||||||||
Woluwelaan 147, Diegem, Belgium | 1 | — | 2,541 | 7,137 | 9,678 | 4,953 | 2003 | Up to 40 years | |||||||||||||||||||||
Stupničke Šipkovine 62, Zagreb, Croatia | 1 | — | 1,408 | 829 | 2,237 | 151 | 2003 | Up to 40 years | |||||||||||||||||||||
Kratitirion 9 Kokkinotrimithia Industrial District, Nicosia, Cyprus | 1 | — | 3,136 | 4,031 | 7,167 | 802 | 2003 | Up to 40 years | |||||||||||||||||||||
Karyatidon 1, Agios Sylas Industrial Area (3rd), Limassol, Cyprus | 1 | — | 1,935 | 131 | 2,066 | 173 | 2018 | Up to 40 years | |||||||||||||||||||||
65 Egerton Road, Birmingham, England | 1 | — | 6,980 | 1,871 | 8,851 | 5,284 | 2003 | Up to 40 years | |||||||||||||||||||||
Corby 278, Long Croft Road, Corby, England | 1 | — | 20,486 | 5,433 | 25,919 | 1,056 | 2004 | Up to 40 years | |||||||||||||||||||||
Otterham Quay Lane, Gillingham, England | 9 | — | 7,418 | 3,786 | 11,204 | 5,731 | 2004 | Up to 40 years | |||||||||||||||||||||
Pennine Way, Hemel Hempstead, England | 1 | — | 10,847 | 6,902 | 17,749 | 7,551 | 2003 | Up to 40 years | |||||||||||||||||||||
Kemble Industrial Park, Kemble, England | 2 | — | 5,277 | 7,422 | 12,699 | 9,082 | 2003 | Up to 40 years | |||||||||||||||||||||
Gayton Road, Kings Lynn, England | 3 | — | 3,119 | 2,060 | 5,179 | 3,077 | 2003 | Up to 40 years | |||||||||||||||||||||
Cody Road, London, England | 3 | — | 20,307 | 9,978 | 30,285 | 12,649 | 2003 | Up to 40 years | |||||||||||||||||||||
17 Broadgate, Oldham, England | 1 | — | 4,039 | 496 | 4,535 | 2,538 | 2008 | Up to 40 years | |||||||||||||||||||||
Harpway Lane, Sopley, England | 1 | — | 681 | 1,519 | 2,200 | 1,497 | 2004 | Up to 40 years | |||||||||||||||||||||
Unit 1A Broadmoor Road, Swindom, England | 1 | — | 2,636 | 588 | 3,224 | 1,326 | 2006 | Up to 40 years | |||||||||||||||||||||
Jeumont-Schneider, Champagne Sur Seine, France | 3 | — | 1,750 | 2,881 | 4,631 | 2,590 | 2003 | Up to 40 years | |||||||||||||||||||||
Bat I-VII Rue de Osiers, Coignieres, France | 4 | — | 21,318 | 1,177 | 22,495 | 5,376 | 2016 | (4) | Up to 40 years | ||||||||||||||||||||
26 Rue de I Industrie, Fergersheim, France | 1 | — | 1,322 | 36 | 1,358 | 326 | 2016 | (4) | Up to 40 years | ||||||||||||||||||||
Bat A, B, C1, C2, C3 Rue Imperiale, Gue de Longroi, France | 1 | — | 3,390 | 1,087 | 4,477 | 1,177 | 2016 | (4) | Up to 40 years |
IRON MOUNTAIN 2020 FORM 10-K |
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(A) | (B) | (C) | (D) | (E) | (F) | ||||||||||||||||||||||||
REGION/COUNTRY/
STATE/CAMPUS ADDRESS |
FACILITIES(1)
|
ENCUMBRANCES |
INITIAL COST TO COMPANY(1)
|
COST CAPITALIZED
SUBSEQUENT TO ACQUISITION(1)(2)
|
GROSS AMOUNT
CARRIED AT CLOSE OF CURRENT PERIOD(1)(8)
|
ACCUMULATED
DEPRECIATION AT CLOSE OF CURRENT
PERIOD(1)(8)
|
DATE OF
CONSTRUCTION OR ACQUIRED(3)
|
LIFE ON WHICH
DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED |
|||||||||||||||||||||
Europe (continued) | |||||||||||||||||||||||||||||
Le Petit Courtin Site de Dois, Gueslin, Mingieres, France | 1 | $ | — | $ | 14,141 | $ | 1,025 | $ | 15,166 | $ | 2,558 | 2016 | (4) | Up to 40 years | |||||||||||||||
ZI des Sables, Morangis, France | 1 | 277 | 12,407 | 17,744 | 30,151 | 21,152 | 2004 | Up to 40 years | |||||||||||||||||||||
45 Rue de Savoie, Manissieux, Saint Priest, France | 1 | — | 5,546 | 322 | 5,868 | 1,075 | 2016 | (4) | Up to 40 years | ||||||||||||||||||||
Gutenbergstrabe 55, Hamburg, Germany | 1 | — | 4,022 | 1,148 | 5,170 | 1,292 | 2016 | (4) | Up to 40 years | ||||||||||||||||||||
Brommer Weg 1, Wipshausen, Germany | 1 | — | 3,220 | 2,039 | 5,259 | 3,712 | 2006 | Up to 40 years | |||||||||||||||||||||
Warehouse and Offices 4 Springhill, Cork, Ireland | 1 | — | 9,040 | 3,617 | 12,657 | 5,520 | 2014 | Up to 40 years | |||||||||||||||||||||
17 Crag Terrace, Dublin, Ireland | 1 | — | 2,818 | 1,075 | 3,893 | 1,556 | 2001 | Up to 40 years | |||||||||||||||||||||
Damastown Industrial Park, Dublin, Ireland | 1 | — | 16,034 | 9,136 | 25,170 | 9,330 | 2012 | Up to 40 years | |||||||||||||||||||||
Portsmuiden 46, Amsterdam, The Netherlands | 1 | — | 1,852 | 2,175 | 4,027 | 2,662 | 2015 | (7) | Up to 40 years | ||||||||||||||||||||
Schepenbergweg 1, Amsterdam, The Netherlands | 1 | — | 1,258 | (600) | 658 | 353 | 2015 | (7) | Up to 40 years | ||||||||||||||||||||
Vareseweg 130, Rotterdam, The Netherlands | 1 | — | 1,357 | 1,244 | 2,601 | 1,900 | 2015 | (7) | Up to 40 years | ||||||||||||||||||||
Howemoss Drive, Aberdeen, Scotland | 2 | — | 6,970 | 5,997 | 12,967 | 5,506 | Various | Up to 40 years | |||||||||||||||||||||
Traquair Road, Innerleithen, Scotland | 1 | — | 113 | 2,251 | 2,364 | 1,229 | 2004 | Up to 40 years | |||||||||||||||||||||
Nettlehill Road, Houston Industrial Estate, Livingston, Scotland | 1 | — | 11,517 | 27,529 | 39,046 | 19,822 | 2001 | Up to 40 years | |||||||||||||||||||||
Av Madrid s/n Poligono Industrial Matillas, Alcala de Henares, Spain | 1 | — | 186 | 270 | 456 | 367 | 2014 | Up to 40 years | |||||||||||||||||||||
Calle Bronce, 37, Chiloeches, Spain | 1 | — | 11,011 | 3,540 | 14,551 | 3,734 | 2010 | Up to 40 years | |||||||||||||||||||||
Ctra M.118 , Km.3 Parcela 3, Madrid, Spain | 1 | — | 3,981 | 6,751 | 10,732 | 7,128 | 2001 | Up to 40 years | |||||||||||||||||||||
Abanto Ciervava, Spain | 2 | — | 1,053 | 11 | 1,064 | 504 | Various | Up to 40 years | |||||||||||||||||||||
57 | $ | 277 | $ | 231,658 | $ | 152,069 | $ | 383,727 | $ | 159,249 |
133
|
IRON MOUNTAIN 2020 FORM 10-K |
(A) | (B) | (C) | (D) | (E) | (F) | ||||||||||||||||||||||||
REGION/COUNTRY/
STATE/CAMPUS ADDRESS |
FACILITIES(1)
|
ENCUMBRANCES |
INITIAL COST TO COMPANY(1)
|
COST CAPITALIZED
SUBSEQUENT TO ACQUISITION(1)(2)
|
GROSS AMOUNT
CARRIED AT CLOSE OF CURRENT PERIOD(1)(8)
|
ACCUMULATED
DEPRECIATION AT CLOSE OF CURRENT
PERIOD(1)(8)
|
DATE OF
CONSTRUCTION OR ACQUIRED(3)
|
LIFE ON WHICH
DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED |
|||||||||||||||||||||
Latin America | |||||||||||||||||||||||||||||
Amancio Alcorta 2396, Buenos Aires, Argentina | 2 | $ | — | $ | 655 | $ | 722 | $ | 1,377 | $ | 439 | Various | Up to 40 years | ||||||||||||||||
Azara 1245, Buenos Aires, Argentina | 1 | — | 166 | (164) | 2 | — | 1998 | Up to 40 years | |||||||||||||||||||||
Spegazzini, Ezeiza Buenos Aires, Argentina | 1 | — | 12,773 | (10,481) | 2,292 | 520 | 2012 | Up to 40 years | |||||||||||||||||||||
Av Ernest de Moraes 815, Bairro Fim do Campo, Jarinu Brazil | 1 | — | 12,562 | (4,547) | 8,015 | 1,514 | 2016 | (4) | Up to 40 years | ||||||||||||||||||||
Rua Peri 80, Jundiai, Brazil | 2 | — | 8,894 | (3,358) | 5,536 | 1,146 | 2016 | (4) | Up to 40 years | ||||||||||||||||||||
Francisco de Souza e Melo, Rio de Janerio, Brazil | 3 | — | 1,868 | 7,676 | 9,544 | 3,150 | Various | Up to 40 years | |||||||||||||||||||||
Hortolandia, Sao Paulo, Brazil | 1 | — | 24,078 | (4,430) | 19,648 | 3,332 | 2014 | Up to 40 years | |||||||||||||||||||||
El Taqueral 99, Santiago, Chile | 5 | — | 2,629 | 34,428 | 37,057 | 12,808 | Various | Up to 40 years | |||||||||||||||||||||
Panamericana Norte 18900, Santiago, Chile | 5 | — | 4,001 | 19,606 | 23,607 | 8,310 | 2004 | Up to 40 years | |||||||||||||||||||||
Avenida Prolongacion
del Colli 1104, Guadalajara, Mexico |
1 | — | 374 | 1,338 | 1,712 | 1,068 | 2002 | Up to 40 years | |||||||||||||||||||||
Privada Las Flores No. 25 (G3), Guadalajara, Mexico | 1 | — | 905 | 1,188 | 2,093 | 1,016 | 2004 | Up to 40 years | |||||||||||||||||||||
Tula KM Parque de Las, Huehuetoca, Mexico | 2 | — | 19,937 | (1,421) | 18,516 | 3,672 | 2016 | (4) | Up to 40 years | ||||||||||||||||||||
Carretera Pesqueria Km2.5(M3), Monterrey, Mexico | 2 | — | 3,537 | 4,462 | 7,999 | 3,749 | 2004 | Up to 40 years | |||||||||||||||||||||
Lote 2, Manzana A, (T2& T3), Toluca, Mexico | 1 | — | 2,204 | 4,481 | 6,685 | 5,279 | 2002 | Up to 40 years | |||||||||||||||||||||
Prolongacion de la Calle 7 (T4), Toluca, Mexico | 1 | — | 7,544 | 14,744 | 22,288 | 7,474 | 2007 | Up to 40 years | |||||||||||||||||||||
Panamericana Sur, KM 57.5, Lima, Peru | 7 | — | 1,549 | 692 | 2,241 | 1,222 | Various | Up to 40 years | |||||||||||||||||||||
Av. Elmer Faucett 3462, Lima, Peru | 2 | 528 | 4,112 | 4,882 | 8,994 | 4,822 | Various | Up to 40 years | |||||||||||||||||||||
Calle Los Claveles-Seccion 3, Lima, Peru | 1 | — | 8,179 | 29,493 | 37,672 | 9,399 | 2010 | Up to 40 years | |||||||||||||||||||||
39 | $ | 528 | $ | 115,967 | $ | 99,311 | $ | 215,278 | $ | 68,920 |
IRON MOUNTAIN 2020 FORM 10-K |
134
|
(A) | (B) | (C) | (D) | (E) | (F) | ||||||||||||||||||||||||
REGION/COUNTRY/
STATE/CAMPUS ADDRESS |
FACILITIES(1)
|
ENCUMBRANCES |
INITIAL COST
TO COMPANY(1)
|
COST
CAPITALIZED
SUBSEQUENT TO
ACQUISITION(1)(2)
|
GROSS AMOUNT
CARRIED AT
CLOSE OF
CURRENT
PERIOD(1)(8)
|
ACCUMULATED
DEPRECIATION
AT CLOSE OF
CURRENT
PERIOD(1)(8)
|
DATE OF CONSTRUCTION OR ACQUIRED(3)
|
LIFE ON WHICH
DEPRECIATION IN LATEST INCOME STATEMENT IS COMPUTED |
|||||||||||||||||||||
Asia | |||||||||||||||||||||||||||||
Warehouse No 4, Shanghai, China | 1 | $ | — | $ | 1,530 | $ | 818 | $ | 2,348 | $ | 478 | 2013 | Up to 40 years | ||||||||||||||||
Jalan Karanggan Muda Raya No 59, Bogor Indonesia | 1 | — | 7,897 | 4,902 | 12,799 | 2,714 | 2017 | Up to 40 years | |||||||||||||||||||||
1 Serangoon North Avenue 6, Singapore | 1 | — | 58,637 | 54,113 | 112,750 | 7,309 | 2018 | (7) | Up to 40 years | ||||||||||||||||||||
2 Yung Ho Road, Singapore | 1 | — | 10,395 | 1,968 | 12,363 | 1,977 | 2016 | (4) | Up to 40 years | ||||||||||||||||||||
26 Chin Bee Drive, Singapore | 1 | — | 15,699 | 3,009 | 18,708 | 2,986 | 2016 | (4) | Up to 40 years | ||||||||||||||||||||
IC1 69 Moo 2, Soi Wat Namdaeng, Bangkok, Thailand | 2 | — | 13,226 | 2,888 | 16,114 | 3,995 | 2016 | (4) | Up to 40 years | ||||||||||||||||||||
7 | $ | — | $ | 107,384 | $ | 67,698 | $ | 175,082 | $ | 19,459 | |||||||||||||||||||
Australia | |||||||||||||||||||||||||||||
8 Whitestone Drive, Austins Ferry, Australia | 1 | $ | — | $ | 681 | $ | 2,850 | $ | 3,531 | $ | 519 | 2012 | Up to 40 years | ||||||||||||||||
6 Norwich Street, South Launceston, Australia | 1 | — | 1,090 | 17 | 1,107 | 123 | 2015 | Up to 40 years | |||||||||||||||||||||
2 | $ | — | $ | 1,771 | $ | 2,867 | $ | 4,638 | $ | 642 | |||||||||||||||||||
Total | 281 | $ | 805 | $ | 2,362,209 | $ | 1,468,280 | $ | 3,830,489 | $ | 1,097,616 |
135
|
IRON MOUNTAIN 2020 FORM 10-K |
YEAR ENDED DECEMBER 31, | ||||||||||||||
GROSS CARRYING AMOUNT OF REAL ESTATE | 2020 | 2019 | ||||||||||||
Gross amount at beginning of period | $ | 3,856,515 | $ | 3,700,307 | ||||||||||
Additions during period: | ||||||||||||||
Discretionary capital projects | 157,239 | 278,508 | ||||||||||||
Other adjustments(1)
|
66,978 | 25,077 | ||||||||||||
Foreign currency translation fluctuations | 10,198 | 5,978 | ||||||||||||
234,415 | 309,563 | |||||||||||||
Deductions during period: | ||||||||||||||
Cost of real estate sold, disposed or written-down | (178,869) | (153,355) | ||||||||||||
Other adjustments(2)
|
(81,572) | — | ||||||||||||
(260,441) | (153,355) | |||||||||||||
Gross amount at end of period | $ | 3,830,489 | $ | 3,856,515 |
YEAR ENDED DECEMBER 31, | ||||||||||||||
ACCUMULATED DEPRECIATION | 2020 | 2019 | ||||||||||||
Gross amount of accumulated depreciation at beginning of period | $ | 1,072,013 | $ | 1,011,050 | ||||||||||
Additions during period: | ||||||||||||||
Depreciation | 123,447 | 122,366 | ||||||||||||
Other adjustments(1)
|
— | 1,314 | ||||||||||||
Foreign currency translation fluctuations | 8,590 | 3,514 | ||||||||||||
132,037 | 127,194 | |||||||||||||
Deductions during period: | ||||||||||||||
Amount of accumulated depreciation for real estate assets sold, disposed or written-down | (54,978) | (66,231) | ||||||||||||
Other adjustments(2)
|
(51,456) | — | ||||||||||||
(106,434) | (66,231) | |||||||||||||
Gross amount of end of period | $ | 1,097,616 | $ | 1,072,013 |
IRON MOUNTAIN 2020 FORM 10-K |
136
|
137
|
IRON MOUNTAIN 2020 FORM 10-K |
EXHIBIT | ITEM | |||||||
10.11 |
Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan. (#) (Incorporated by reference to Annex C to the Iron Mountain Incorporated Proxy Statement for the Special Meeting of Stockholders, filed with the SEC on December 23, 2014.)
|
|||||||
10.12 |
First Amendment to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan. (#) (Incorporated by reference to the Company’s Current Report on Form 8-K dated May 23, 2017.)
|
|||||||
10.13 |
Second Amendment to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan. (#) (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018.)
|
|||||||
10.14 |
Form of Iron Mountain Incorporated Amended and Restated Non‑Qualified Stock Option Agreement. (#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)
|
|||||||
10.15 |
Form of Iron Mountain Incorporated Incentive Stock Option Agreement. (#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)
|
|||||||
10.16 |
Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Non‑Qualified Stock Option Agreement (version 1). (#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)
|
|||||||
10.17 |
Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Amended and Restated Iron Mountain Non‑Qualified Stock Option Agreement. (#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)
|
|||||||
10.18 |
Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Incentive Stock Option Agreement. (#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)
|
|||||||
10.19 |
Form of Iron Mountain Incorporated 1995 Stock Incentive Plan Non‑Qualified Stock Option Agreement (version 2). (#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2004.)
|
|||||||
10.20 |
Form of Iron Mountain Incorporated 2002 Stock Incentive Plan Stock Option Agreement (version 2B). (#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2013.)
|
|||||||
10.21 |
Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 3). (#) (Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2013.)
|
|||||||
10.22 |
Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 20). (#) (Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2013.)
|
|||||||
10.23 |
Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 21). (#) (Incorporated by reference to the Company’s Current Report on Form 8‑K dated March 19, 2014.)
|
|||||||
10.24 |
Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 3). (#) (Incorporated by reference to the Company’s Quarterly Report on Form 10‑Q for the quarter ended June 30, 2012.)
|
|||||||
10.25 |
Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2002 Stock Incentive Plan (version 12). (#) (Incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.)
|
|||||||
10.26 |
Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 1). (#) (Incorporated by reference to the Company’s Annual Report on Form 10 K for the year ended December 31, 2014.)
|
|||||||
10.27 |
Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 2). (#) (Incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.)
|
|||||||
10.28 |
Form of Restricted Stock Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 3). (#) (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019.)
|
|||||||
10.29 |
Form of Stock Option Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 1). (#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2014.)
|
|||||||
10.30 |
Form of Stock Option Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 2). (#) (Incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.)
|
|||||||
10.31 |
Form of Stock Option Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 3). (#) (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019.)
|
|||||||
10.32 |
Form of Stock Option Form of Stock Option Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 4). (#) (Incorporated by reference to the Company's Annual Report on Form 10-K for the year ended December 31, 2019.)
|
|||||||
10.33 |
Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 1). (#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2016.)
|
|||||||
10.34 |
Form of Performance Unit Agreement pursuant to the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (version 2). (#) (Incorporated by reference to the Company’s Annual Report on Form 10‑K for the year ended December 31, 2016.)
|
IRON MOUNTAIN 2020 FORM 10-K |
138
|
139
|
IRON MOUNTAIN 2020 FORM 10-K |
EXHIBIT | ITEM | |||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 |
Cover Page Interactive Data File. (Formatted as Inline XBRL and contained in Exhibit 101.)
|
IRON MOUNTAIN 2020 FORM 10-K |
140
|
IRON MOUNTAIN INCORPORATED | ||||||||||||||
By: | /s/ DANIEL BORGES | |||||||||||||
Daniel Borges
Senior Vice President, Chief Accounting Officer
(Principal Accounting Officer)
|
NAME | TITLE | DATE | ||||||||||||
/s/ WILLIAM L. MEANEY | President and Chief Executive Officer and Director (Principal Executive Officer) |
February 24, 2021
|
||||||||||||
William L. Meaney | ||||||||||||||
/s/ BARRY A. HYTINEN | Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
February 24, 2021
|
||||||||||||
Barry A. Hytinen | ||||||||||||||
/s/ DANIEL BORGES | Senior Vice President, Chief Accounting Officer (Principal Accounting Officer) |
February 24, 2021
|
||||||||||||
Daniel Borges | ||||||||||||||
/s/ JENNIFER M. ALLERTON | Director |
February 24, 2021
|
||||||||||||
Jennifer M. Allerton | ||||||||||||||
/s/ PAMELA M. ARWAY | Director |
February 24, 2021
|
||||||||||||
Pamela M. Arway | ||||||||||||||
/s/ CLARKE H. BAILEY | Director |
February 24, 2021
|
||||||||||||
Clarke H. Bailey | ||||||||||||||
/s/ KENT P. DAUTEN | Director |
February 24, 2021
|
||||||||||||
Kent P. Dauten | ||||||||||||||
/s/ PAUL F. DENINGER | Director |
February 24, 2021
|
||||||||||||
Paul F. Deninger | ||||||||||||||
/s/ MONTE E. FORD | Director |
February 24, 2021
|
||||||||||||
Monte E. Ford | ||||||||||||||
141
|
IRON MOUNTAIN 2020 FORM 10-K |
NAME | TITLE | DATE | ||||||||||||
/s/ PER-KRISTIAN HALVORSEN | Director |
February 24, 2021
|
||||||||||||
Per-Kristian Halvorsen | ||||||||||||||
/s/ ROBIN L. MATLOCK | Director |
February 24, 2021
|
||||||||||||
Robin L. Matlock | ||||||||||||||
/s/ WENDY J. MURDOCK | Director |
February 24, 2021
|
||||||||||||
Wendy J. Murdock | ||||||||||||||
/s/ WALTER C. RAKOWICH | Director |
February 24, 2021
|
||||||||||||
Walter. C. Rakowich | ||||||||||||||
/s/ DOYLE R. SIMONS | Director |
February 24, 2021
|
||||||||||||
Doyle R. Simons | ||||||||||||||
/s/ ALFRED J. VERRECCHIA | Director |
February 24, 2021
|
||||||||||||
Alfred J. Verrecchia |
IRON MOUNTAIN 2020 FORM 10-K |
142
|
1 Year Iron Mountain Inc REIT Chart |
1 Month Iron Mountain Inc REIT Chart |
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